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Forum » MISC Crypto Crew (MCC) Vol 7: [New Year Edition] Reading Charts Vs Throwing darts
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Thread: MISC Crypto Crew (MCC) Vol 7: [New Year Edition] Reading Charts Vs Throwing darts

post 1540022831 01-09-2018, 07:39 AM
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#9001
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Originally Posted By MuckSnapper⏩
Misc Crypto Crew (MCC) vol. 8: Linda sends shills down my spine
**MFC**
**Barbara Palvin is my 10/10 crew**
post 1540022851 01-09-2018, 07:39 AM
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Originally Posted By Bla125⏩
It's not even a top 100 yet. I would still go in if I wasn't already.
Went in after I posted that
post 1540022861 01-09-2018, 07:39 AM
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#9003
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Originally Posted By dawktwenty⏩
Few questions about taxes...maybe I'm missing some painfully obvious things..

1.) Since you are even taxed on crypto to crypto transactions..

Say you buy some BTC on coinbase. You want to buy alts with it. You realize LTC is faster to move to an exchange so you trade your BTC to LTC. You send LTC to say bittrex. You can't buy alts with LTC, so you trade your LTC back to BTC. Now you buy some XLM with your BTC. You change your mind and realize you want ICX instead. ICX isn't on bittrex. So now you have to get on binance. Convert your XLM to BTC. Then BTC to LTC. Then LTC to binance. LTC on binance....you trade your LTC to BTC so you can buy some ICX. You finally then trade your BTC for ICX. You finally have your ICX. It took you like 10 trades to do this. This all happened today. How much taxes did you just pay, LMAO. Do I owe know more taxes then my coins are even worth?

2.) ICX goes to nothing (won't happen - but humour me).....You still owe all those taxes right? If you buy a 1000 dollar iphone, you pay taxes on it, whether you drop it off a building and make it worthless the next day or not....

3.) Am I totally missing something here? This seems more trouble than it's worth. If it was just taxes on capital gains, that would be one thing...but...damn

Any input would be greatly appreciated.
I'm not 100% sure but I think you just have to pay on any profits between coin trades now. Not for the whole price. Before it was just when you cashed out to fiat but now every profit between coin trades is a taxable event. I think.
I love Flapjacko <3
post 1540022961 01-09-2018, 07:41 AM
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#9004
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Originally Posted By dawktwenty⏩
Few questions about taxes...maybe I'm missing some painfully obvious things..

1.) Since you are even taxed on crypto to crypto transactions..

Say you buy some BTC on coinbase. You want to buy alts with it. You realize LTC is faster to move to an exchange so you trade your BTC to LTC. You send LTC to say bittrex. You can't buy alts with LTC, so you trade your LTC back to BTC. Now you buy some XLM with your BTC. You change your mind and realize you want ICX instead. ICX isn't on bittrex. So now you have to get on binance. Convert your XLM to BTC. Then BTC to LTC. Then LTC to binance. LTC on binance....you trade your LTC to BTC so you can buy some ICX. You finally then trade your BTC for ICX. You finally have your ICX. It took you like 10 trades to do this. This all happened today. How much taxes did you just pay, LMAO. Do I owe know more taxes then my coins are even worth?

2.) ICX goes to nothing (won't happen - but humour me).....You still owe all those taxes right? If you buy a 1000 dollar iphone, you pay taxes on it, whether you drop it off a building and make it worthless the next day or not....

3.) Am I totally missing something here? This seems more trouble than it's worth. If it was just taxes on capital gains, that would be one thing...but...damn

Any input would be greatly appreciated.
That's what the tax nut huggers say. I also agree it is fuking ridiculous. Capital gains is all that needs to be taxed ONCE cashed out to USD.
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post 1540023001 01-09-2018, 07:41 AM
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#9005
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Misc Crypto Crew (MCC) vol. 8: BCH PLS

lol lets do it
post 1540023281 01-09-2018, 07:44 AM
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post 1540023351 01-09-2018, 07:46 AM
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#9007
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$500 on LRC or PRL?
PHILLIES/EAGLES CREW
{} MFC {}
post 1540023501 01-09-2018, 07:48 AM
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#9008
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Originally Posted By dawktwenty⏩
$500 on LRC or PRL?
PRL was recommended by a few brahs on here and has been great for me the last few days. It dipped a little yesterday but I'm still in profits. It has good longer term potential as well from what I understand.
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1540023761 01-09-2018, 07:52 AM
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Originally Posted By dawktwenty⏩
Few questions about taxes...maybe I'm missing some painfully obvious things..

1.) Since you are even taxed on crypto to crypto transactions..

Say you buy some BTC on coinbase. You want to buy alts with it. You realize LTC is faster to move to an exchange so you trade your BTC to LTC. You send LTC to say bittrex. You can't buy alts with LTC, so you trade your LTC back to BTC. Now you buy some XLM with your BTC. You change your mind and realize you want ICX instead. ICX isn't on bittrex. So now you have to get on binance. Convert your XLM to BTC. Then BTC to LTC. Then LTC to binance. LTC on binance....you trade your LTC to BTC so you can buy some ICX. You finally then trade your BTC for ICX. You finally have your ICX. It took you like 10 trades to do this. This all happened today. How much taxes did you just pay, LMAO. Do I owe know more taxes then my coins are even worth?

2.) ICX goes to nothing (won't happen - but humour me).....You still owe all those taxes right? If you buy a 1000 dollar iphone, you pay taxes on it, whether you drop it off a building and make it worthless the next day or not....

3.) Am I totally missing something here? This seems more trouble than it's worth. If it was just taxes on capital gains, that would be one thing...but...damn

Any input would be greatly appreciated.
Theres no profits really switching between multiple coins in that time span so I dont see why you would owe a bunch of taxes. I think it refers to if you bought btc for say $1000 then a week later you go to trade it for LTC but its now worth $1500, that trade would be considered as cashing out btc for a $500 profit which is taxed and then buying a new coin. Arent they basically just making crypto the same as buying/selling stocks?
post 1540023881 01-09-2018, 07:53 AM
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#9010
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Originally Posted By Silencespeaks⏩
Yes
how does day trading goes ? started into crypto 5 days ago and seems like when i daytrade i make 0 profits nor 0 losses
post 1540023931 01-09-2018, 07:54 AM
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#9011
  1. GabrielNovar
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Misc Crypto Crew (MCC) vol. 8: BCH PLS
post 1540024011 01-09-2018, 07:55 AM
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#9012
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cmon TRON, do something
Dallas Mavericks
post 1540024091 01-09-2018, 07:56 AM
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#9013
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Post deleted by user
post 1540024131 01-09-2018, 07:57 AM
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#9014
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Originally Posted By dawktwenty⏩
Few questions about taxes...maybe I'm missing some painfully obvious things..

1.) Since you are even taxed on crypto to crypto transactions..

Say you buy some BTC on coinbase. You want to buy alts with it. You realize LTC is faster to move to an exchange so you trade your BTC to LTC. You send LTC to say bittrex. You can't buy alts with LTC, so you trade your LTC back to BTC. Now you buy some XLM with your BTC. You change your mind and realize you want ICX instead. ICX isn't on bittrex. So now you have to get on binance. Convert your XLM to BTC. Then BTC to LTC. Then LTC to binance. LTC on binance....you trade your LTC to BTC so you can buy some ICX. You finally then trade your BTC for ICX. You finally have your ICX. It took you like 10 trades to do this. This all happened today. How much taxes did you just pay, LMAO. Do I owe know more taxes then my coins are even worth?

2.) ICX goes to nothing (won't happen - but humour me).....You still owe all those taxes right? If you buy a 1000 dollar iphone, you pay taxes on it, whether you drop it off a building and make it worthless the next day or not....

3.) Am I totally missing something here? This seems more trouble than it's worth. If it was just taxes on capital gains, that would be one thing...but...damn

Any input would be greatly appreciated.
anything done in 2017, don't bother with trade to trade calculations, it was not required, for 2018 it is part of the new tax plan... that said, your example isn't going to cost you all that much, based on the assumption that trades occured in a short time span and value didn't adjust all that much.

flat cap gains and trade cap gains, work out to similar % values at the end of the day, the gov does make a few extra bucks on the trade to trade cap gains...which is exactly why they do it. but its not like flat cap is 35% and trade to trade cap gains is 50%

and if ICX goes to nothing, you have captial losses to claim, instead of gains. your entry at x price was your capital, "realized" at trade, then you lost it all, now you have 0. thats x price in losses.
post 1540024211 01-09-2018, 07:58 AM
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#9015
  1. dawktwenty
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Originally Posted By Silencespeaks⏩
Yes from what I understand each transaction is a taxable event. So from what I understand you owe taxes on every gain (but you can offset with any loss).

Coinbase has a report that you can run to calculate your total gain/loss (FIFO basis), but the other exchanges don't yet as far as I know. Hopefully by the end of this year the other exchanges will have tax reports available too or maybe tax laws will be simplified to reduce the bookkeeping burden.

Not sure what you mean by "just taxes on capital gains"? The capital gains (or losses) are calculated on each transaction.
Yeah I honestly don't know how anyone (especially day traders that do dozens of exchanges a day) would ever keep track.

What I meant by that is....say you start with 1000 on coinbase....you xfer to exchanges...whatever....6 months later you send back to coinbase.. your stack is now worth 50k. You should be taxed on the 49k...And that's all you have to worry about.
PHILLIES/EAGLES CREW
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post 1540024271 01-09-2018, 07:59 AM
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#9016
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Post deleted by user
post 1540024341 01-09-2018, 08:00 AM
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#9017
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Originally Posted By dawktwenty⏩
Yeah I honestly don't know how anyone (especially day traders that do dozens of exchanges a day) would ever keep track.

What I meant by that is....say you start with 1000 on coinbase....you xfer to exchanges...whatever....6 months later you send back to coinbase.. your stack is now worth 50k. You should be taxed on the 49k...And that's all you have to worry about.
Everyone agrees with this. Except for the IRS crooks
post 1540024371 01-09-2018, 08:01 AM
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#9018
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Betting on AION blasting off since it's heavily tied to ICON. (i'm not sure if its all that related but I feel like the perception is they are)
EXTREME yellow fever crew
Will wife an Asian HBB in the future crew



~keep hustling cuz~
post 1540024391 01-09-2018, 08:02 AM
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#9019
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Originally Posted By Silencespeaks⏩
I started crypto two months ago just buying and holding and made good gains doing that, but nothing like the gains some day traders here are making.

Then tried day trading this past week with part of my funds for a few days and just lost money trading. Taking a break now back to just holding but will try day or swing trading again because it seems fun and exciting.
No one really posts their losses...Don't get sucked into it
post 1540024431 01-09-2018, 08:02 AM
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#9020
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Misc Crypto Crew Vol 8: Analyzing graphs while normies laugh
PHILLIES/EAGLES CREW
{} MFC {}
post 1540024481 01-09-2018, 08:03 AM
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#9021
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Post deleted by user
post 1540024491 01-09-2018, 08:03 AM
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#9022
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Been gone for a little bit. What's up with XLM? We HODL or we out of it?
****Would Pay To Watch Paint Dry In Theaters if Hans Zimmer Scored The Soundtrack Crew****
post 1540024521 01-09-2018, 08:03 AM
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#9023
  1. kinzu1996
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Originally Posted By Silencespeaks⏩
I started crypto two months ago just buying and holding and made good gains doing that, but nothing like the gains some day traders here are making.

Then tried day trading this past week with part of my funds for a few days and just lost money trading. Taking a break now back to just holding but will try day or swing trading again because it seems fun and exciting.
seems for day trading the most important things are volume resistance support, and yeah some here are making mad gains, and it's frustrating when you day trade and lose or make bad trades
post 1540024541 01-09-2018, 08:03 AM
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#9024
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Originally Posted By Arkileon⏩
Been gone for a little bit. What's up with XLM? We HODL or we out of it?
buying more on dips brah
post 1540025011 01-09-2018, 08:09 AM
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#9025
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post 1540025061 01-09-2018, 08:10 AM
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#9026
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Did loop really blast off more than 100%? That was one of my first coins I invested in. I've noticed link and loop pump on opposite days. Maybe it's link's turn today.


Also, I'm a little nervous with ICX. Isn't it supposed to be the Korean Eth? If so, why does it always get dumped overnight?
Originally Posted By mujie⏩
Lol @ everyone who ignored the VIA shill
I saw that yesterday. And if your shill is right, it's still has a long ways to go up.
Toxic Masculinity
post 1540025131 01-09-2018, 08:11 AM
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#9027
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AION trying to break through, brahs. Good opportunity for a FOMO if anyone fancies it! I just FOMO'ed in a tiny amount (sold my BTG, lol)
Could have been a slayer.
post 1540025181 01-09-2018, 08:11 AM
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#9028
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I've just read that APPC did a burn, dropping supply to 248 million and circulating to 98 million.

Has this already reflected in it's price I wonder?
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1540025191 01-09-2018, 08:11 AM
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#9029
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Loving the BCH gains. Easy money chilling here accumulating low 2s.
post 1540025251 01-09-2018, 08:12 AM
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#9030
  1. dawktwenty
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Originally Posted By Silencespeaks⏩
Ok yeah that's not how it works from my understanding, and why would whether the stack is on Coinbase or not be a determinant? They look at crypto as property so you are taxed on each property sale regardless of whether it's on Coinbase or wherever. That said I'm sure lots of people just don't report it but that's another story.
Right. I know it's not that way. It should be. I am focusing on coinbase, because that's where people get there USD 'into the pool"
PHILLIES/EAGLES CREW
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