Wow. Bitcoin is almost $1,500

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momeNt

Diamond Member
Jan 26, 2011
9,299
349
126
Interesting, but this might mean just making payment(s) to use their source code and development services to save on in-house development costs. That has no direct effect on the value of their coins, though it would boost the value of their stock shares.
"Payments" would be the acquisition of coins, running a masternode, and burning Thor.

I am not sure that Vechain is willing to subvert their business model just yet. It is a "currency" in order to incentivize decentralization, if they were looking for a company to run a server farm to power the blockchain, they wouldn't have needed VEChain for that.
 

Zeze

Lifer
Mar 4, 2011
10,180
446
126
So I found a crypto CPA around me. I just got off the phone with her and she seemed to know her chops about crypto.

I'm otherwise a very simple tax-filer - just W2 and nothing else much.

She'll charge me $300. Perhaps I can just pay her and have a peace of mind + use how she's filing and use that as a template for my future taxes I can do myself.

I didn't trade much, but did buy VEN through BTC/ETH which are taxable events in 2017.

I still think I can just do it myself if someone can just tell me what tax forms to fill out and best format for how to write tables of my crypto transactions.

Can someone help? Is CPA still around? Was that his AT name?
 

DaveSimmons

Elite Member
Aug 12, 2001
40,737
668
126
"Payments" would be the acquisition of coins, running a masternode, and burning Thor.

I am not sure that Vechain is willing to subvert their business model just yet. It is a "currency" in order to incentivize decentralization, if they were looking for a company to run a server farm to power the blockchain, they wouldn't have needed VEChain for that.
Maybe. The announcement is too vague to tell us exactly what is being used, shared, or licensed, it just trumpets "IoT" and "blockchain."

DNV might want their own private blockchain for liability reasons since tainted food can sicken or kill, faked aerospace parts can kill, etc.
 
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momeNt

Diamond Member
Jan 26, 2011
9,299
349
126
So I found a crypto CPA around me. I just got off the phone with her and she seemed to know her chops about crypto.

I'm otherwise a very simple tax-filer - just W2 and nothing else much.

She'll charge me $300. Perhaps I can just pay her and have a peace of mind + use how she's filing and use that as a template for my future taxes I can do myself.

I didn't trade much, but did buy VEN through BTC/ETH which are taxable events in 2017.

I still think I can just do it myself if someone can just tell me what tax forms to fill out and best format for how to write tables of my crypto transactions.

Can someone help? Is CPA still around? Was that his AT name?
I think you are talking about @Fern

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

https://www.irs.gov/irb/2014-16_IRB

You would only have an exchange of asset when you purchased BTC / ETH and either sold it for USD or for Ven. Considering one time you bought in during an ETH rally, the price you paid at the time of the bank transfer vs the price you sold it for VEN is a short term capital gain.
 

Red Storm

Lifer
Oct 2, 2005
14,214
215
106
Maybe. The announcement is too vague to tell us exactly what is being used, shared, or licensed, it just trumpets "IoT" and "blockchain."

DNV might want their own private blockchain for liability reasons since tainted food can sicken or kill, faked aerospace parts can kill, etc.
They will be using VeChain's blockchain, that was the whole point of the announcement today. Their clients would also use VeChain's blockchain, meaning all transactions will be powered by THOR, which will be generated by staking VEN. So the more THOR needed, the higher it's value, and the higher up VEN goes as well. Add to this their other partnerships, and we could be seeing a whole lot of demand for THOR, and subsequently VEN.
 

fleshconsumed

Diamond Member
Feb 21, 2002
5,833
1,110
126
How do you figure it is $500 transaction fees? Transferring between wallets shouldn't be more than $10? Am I misunderstanding something?
Because Electrum estimates transaction fee of about 50mBTC which works out to be 50 * 0.001 * $11,000 = $550. This is nuts...
 

ElFenix

Elite Member
Super Moderator
Mar 20, 2000
100,157
3,280
126
lol


There was actually a member called CPA, and he did run the annual ATOT tax thread, but c. 2016 he "retired," and the thread was taken over by a crazy person.
i went to a ballgame with CPA once.

/broolstoryco
 
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Aikouka

Lifer
Nov 27, 2001
29,315
404
126
You would only have an exchange of asset when you purchased BTC / ETH and either sold it for USD or for Ven. Considering one time you bought in during an ETH rally, the price you paid at the time of the bank transfer vs the price you sold it for VEN is a short term capital gain.
Essentially, you're saying that if you buy a coin for fiat and then trade that coin for another coin, you have to pay tax on that? That seems... odd. I guess I don't get why you pay tax when you're not transferring back to fiat. You're really just trading one commodity for another that are effectively at equal value at the time. In other words, if 1 FakeCoin = .001 BTC, and I spend .1 BTC on buying FakeCoin, I get 100 FakeCoin. I haven't "gained" anything as at the time, the values are equivalent. I don't technically gain anything until I sell it for fiat.
 

quikah

Diamond Member
Apr 7, 2003
3,137
191
106
Essentially, you're saying that if you buy a coin for fiat and then trade that coin for another coin, you have to pay tax on that? That seems... odd. I guess I don't get why you pay tax when you're not transferring back to fiat. You're really just trading one commodity for another that are effectively at equal value at the time. In other words, if 1 FakeCoin = .001 BTC, and I spend .1 BTC on buying FakeCoin, I get 100 FakeCoin. I haven't "gained" anything as at the time, the values are equivalent. I don't technically gain anything until I sell it for fiat.
The IRS has been quiet about this. This is a like-kind exchange. It is generally a taxable event, unless the properties exchange are substantially similar. For example you can swap real estate and not be taxed, but IRS has said you would be taxed on an exchange of silver for gold (no comment has been made about crypto). The latest tax bill supposedly has clarified this rule to only apply to real estate.
https://cointelegraph.com/news/house-and-senate-tax-bills-kill-cryptocurrency-like-kind-exchanges-expert-blog

All I can say is good luck figuring out how to report it all.
 

Zeze

Lifer
Mar 4, 2011
10,180
446
126
I thought nearly all agrees that crypto-to-crypto trading is a taxable event.

I spoke to 2 crypto CPAs personally and they agree as it is the general consensus on reddit.
 

Aikouka

Lifer
Nov 27, 2001
29,315
404
126
I thought nearly all agrees that crypto-to-crypto trading is a taxable event.

I spoke to 2 crypto CPAs personally and they agree as it is the general consensus on reddit.
The only reason why I could see for wanting to require it to be a taxable event is for ease of reporting. For example, if I traded from BTC -> ETH -> LTC -> VEN -> ETH -> USD and those were partial conversions (i.e. I still have a portion of the original currency left), how easy is it to judge how much I gained? You'd literally have to go back through the chain to determine the percentages for each and factor that into the USD value spent. For the chain above, that isn't too bad, but it can become incredibly onerous if you trade a lot.
 

Ns1

No Lifer
Jun 17, 2001
55,399
1,506
126
The only reason why I could see for wanting to require it to be a taxable event is for ease of reporting. For example, if I traded from BTC -> ETH -> LTC -> VEN -> ETH -> USD and those were partial conversions (i.e. I still have a portion of the original currency left), how easy is it to judge how much I gained? You'd literally have to go back through the chain to determine the percentages for each and factor that into the USD value spent. For the chain above, that isn't too bad, but it can become incredibly onerous if you trade a lot.
Cryto Currency, singlehandedly saving the tax preparation industry.
 

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