Bitcoins/Litecoins/Virtual Currencies

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OneofOne

OneofOne

Silver Baronet of the Realm
6,932
8,776
The gold coins/bars sitting in your deposit box? Capital asset. Fun fact for Glenn Beck's followers - they are part of a sub-category (collectables) that are taxed almost 2x as much as your "normal" capitals gains items (stocks, bonds, etc), upon sale.
 
Arbitrary

Arbitrary

Tranny Chaser
29,718
82,514
Because the story on bitcoins was that they were different and unregulatable and were the money of the people and a whole bunch of other shit.
 
OneofOne

OneofOne

Silver Baronet of the Realm
6,932
8,776
Big Phoenix_sl said:
So then why is this a shock?
Click to expand...
Because people are greedy and dumb? With a handful of exceptions, every transaction you make that results in a profit is a taxable event. Think about that for a second, and what that really means. Almost no one knows that, because the IRS isn't checking out your garage sale to see if you're turning a profit on your old record collection or Ikea computer desk, but nonetheless, if your basis is low enough for you to turn a profit, you better include that gain on your taxes! (Because you know, we all do that right?)
 
Falstaff

Falstaff

Ahn'Qiraj Raider
8,446
3,392
That's kind of like how Illinois wants you to pay taxes on things you bought online through the goodness of your heart on your tax return... I always wondered if anyone actually did it.
 
Rangoth

Rangoth

Blackwing Lair Raider
1,801
1,911
Individuals, unlikely...companies need to report it though
smile.png
 
R

rinthe_sl

shitlord
102
2
Yeah i thiink it's dying. For it not to be, it needs to pick up some kind of buzz and momentum in the news and public eye again. Which doesn't look likely. I know I'm getting sick and tired of answering the same inane questions about it.
 
Ambiturner

Ambiturner

Ssraeszha Raider
16,075
19,627
It doesn't have to shoot back up to $1100 overnight or be considered dead. Just maintain some stability.
 
V

Vilgan_sl

shitlord
259
1
It's been a pretty solid spate of bad news lately. US government classified it as property which makes it a massive pain for websites to take bitcoin in payment if they are legit, and the Chinese government has been coming down hard as well.

As to whether this is a large bump in the road or the end of a fad, who knows.
 
Mist

Mist

REEEEeyore
<Gold Donor>
31,455
23,932
"I'm not doubling my money every week anymore, it's dying."

It's been pretty stead between 400 and 450 for a while now, that would seem like a positive sign.
 
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