Poll of the Day > Bitcoin is down 11% from this morning

(+) Yeah! (+)

Woops! :D
Well sometimes the moon is below the horizon. :D

Buy the dip!

You stacking sats bro

Just buying when its low and reselling when it jumps. Got a bunch like 5 months ago when it hit $29k then sold 2 months later when it jumped back to $60k,

it's idiotic "currency"

Its not currency, its a penny stock thats not backed by or representing anything, thats deflationary by nature and just happens to trade at $43,000 no sorry $38,000. Nobody seriously thinks its going to replace currency, because it cant

Krazy_Kirby posted...

it's idiotic "currency"

It's more of a collectible

Cryptocurrency isn't currency, it's a medium of exchange, like currency. Nu metal is metal.

kind9 posted...

Cryptocurrency isn't currency, it's a medium of exchange, like currency. Nu metal is metal.

If cryptocurrency isn't currency then nu metal isn't metal.

Bitcoin is literally currency in several nations.

Veedrock- posted...

Bitcoin is literally currency in several nations.

Sure. And now El Salvador's economy is in the toilet. You cannot use this as currency, because it's not currency.

Veedrock- posted...

Bitcoin is literally currency in several nations.

I believe it is one of two currencies used in El Salvador, the other being the US Dollar.

Are there others because several nations means multiple, but I only see evidence of 1?

Been falling since last November...

ppl still think it will rebound to 100K

But it will tumble after I put like $500 Bucks into Crypto

I have .00005 BTC(or some other fractional number) I bought just for the hell of it.

I have several K plunked in doge, but at this point I just want to sell off at no loss and buy a dip down to 14-15 or so and put some back in.

I just need doge to get to 23 cents and I can sell it...I'm assuming doge will rally that high again at some point.

papercup posted...

Its not currency, its a penny stock thats not backed by or representing anything, thats deflationary by nature and just happens to trade at $43,000 no sorry $38,000. Nobody seriously thinks its going to replace currency, because it cant

https://youtu.be/Cv2_fOQNufM

Oh woops it's down another 11% today. :D

But it's fine because 1 BTC = 1 BTC HODL diamond hands to the moon

Krazy_Kirby posted...

it's idiotic "currency"

It's made me a ton of money idgaf

crypto is safer than the market had i invested in crypto back in july i'd still be up

BTC has compressed value by 50% in 3 months. Imagine what will happen when that value has to decompress!

InfernalFive posted...

It's made me a ton of money idgaf

No, it hasn't.

Money is only money if it's in your hands, these aren't assets that are physically there so you can resell like a house or a car.

RoboXgp89 posted...

crypto is safer than the market had i invested in crypto back in july i'd still be up

I'm going to give you some advice. If you say "if only I had done X thing" every time something happens in finance, you will just go insane.

I have 2 billion dogelon mars, it's gone down quite a bit but I'm still well in the green with it.

Woops, down another 8% today! Well, if you just scroll out enough to more than a year, we're still in a bull market!

https://www.youtube.com/watch?v=YQ_xWvX1n9g

Here you go if you have a couple hours to spare and want to know more about how awful crypto really is.

Oh man, that video's almost hitting 2mil, I'm so happy people are enjoying Folding Ideas. Dan's great.

I cant believe doge is down all the way to 14 cents. I definitely got out at the right time

shadowsword87 posted...

Oh man, that video's almost hitting 2mil, I'm so happy people are enjoying Folding Ideas. Dan's great.

I found his channel last year from his "In Search of a Flat Earth" video

I don't watch much TV these days, but apparently there's an ad for crypto.com where Matt Damon says you're a pussy for not buying crypto? And this is supposed to be appealing?

I do everything Matt Damon tells me

papercup posted...

I don't watch much TV these days, but apparently there's an ad for crypto.com where Matt Damon says you're a pussy for not buying crypto? And this is supposed to be appealing?

It's a scam that targets dudebros, what do you expect?

Part of me feels like I should have bet against bitcoin of late, but c'est la vie.

Apparently cryptobros are telling each other not to pay taxes on their cryptos because "it has nothing to do with fiat".

People gonna go to jail for apes and dog money.

I don't have the money to pay the fine your honor, will you accept 2 of my apes instead?

Oh god, they're just committing tax fraud now.

Ok cool.

Why would you need to pay taxes if it isn't currency?

Revelation34 posted...

Why would you need to pay taxes if it isn't currency?

Because you need to pay taxes on any income above a certain point. It does not matter if that income is USD, stocks, crypto, or monopoly dollars. Taxman wants his cut.

Revelation34 posted...

Why would you need to pay taxes if it isn't currency?

https://www.cbsnews.com/news/cryptocurrency-trading-taxes-irs/

What you need to report to the IRS
The IRS treats virtual currencies as property, which means they're taxed similarly to stocks. If all you did was purchase cryptocurrency with U.S. dollars, and those assets have been sitting untouched in an exchange or your cryptocurrency wallet, you shouldn't need to worry about reporting to the IRS this year.
Reporting is required when certain events come into play, most commonly:

• Trading one cryptocurrency for another.
• Selling cryptocurrency for fiat dollars (government-issued currency).
• Using cryptocurrency to buy goods or services (e.g., paying for a cup of coffee with cryptocurrency).

A critical distinction to make is that triggering a taxable event doesn't necessarily mean you'll owe taxes, said Andrew Gordon, an Illinois-based certified public accountant and tax attorney. Just because you have to report a transaction doesn't mean you'll end up owing the IRS for it.

How cryptocurrency is taxed
Anytime you sell an asset for a profit, your resulting gain may be subject to capital gains taxation. To determine your exact gain or loss, you'll need the date you acquired the cryptocurrency; the date you sold, exchanged or otherwise disposed of it; and the cost basis (the amount you paid plus transaction fees).

Gains are then taxed at either the short- or long-term rate, depending on how long you held the asset. Short-term gains for assets held less than a year are taxed as ordinary income, while long-term gains for assets held more than a year are generally taxed at 0%, 15% or 20%, depending on your taxable income and filing status.

For example, say you purchased $2,000 worth of a cryptocurrency in January 2021 and sold it two months later for $5,000. That $3,000 capital gain would be subject to the short-term capital gains rate.

Biden is going to sign an executive order next month for regulating cryptos as they are clearly a national security risk. Also I heard something about the next budget bill having a provision for granting the secretary of the treasury more power to scrutinize, regulate or ban cryptos.

Revelation34 posted...

Why would you need to pay taxes if it isn't currency?

Pro tip, short term capital gains will ruin your taxes-life. Careful about it.

I moved all my buttcoins over to NTRs and made six thousand dollars just in the last month lol

About to be crypto winter until the next halving , or maybe ETH 2.0 if it scales.

papercup posted...

Biden is going to sign an executive order next month for regulating cryptos as they are clearly a national security risk. Also I heard something about the next budget bill having a provision for granting the secretary of the treasury more power to scrutinize, regulate or ban cryptos.

Yeah they're clearly that dangerous.