Who here has to pay >2x of his current stash as tax for crypto "gains" due to trading?

Who here has to pay >2x of his current stash as tax for crypto "gains" due to trading?
Turns out it's possible to be down more than 100% of initial investment :(

Attached: 1510362392472.png (281x297, 153K)

Other urls found in this thread:

theverge.com/2018/2/26/17055264/coinbase-cryptocurrency-tax-irs-compliance-court-order
en.wikipedia.org/wiki/Merkle_tree
twitter.com/SFWRedditImages

That was (((their))) plan all along. They will wait until taxes are due, then pump the shit out of BTC

yes voluntarily hand over all of your money to the govt.

they have neither the resources nor the ability to go after crypto yet.

yea, what do we do? I owe $85k on gains from 2017 but I only have $39k right now on gdax. What do I do what do I do what do I do

Shhh
How is the surveillance state meant to dominate minds when a simple explanation is enough to pierce the psyop? Tsk tsk

I bet you think Hitler did nothing wrong

>He reported his trades willingly

Attached: 2932160.jpg (400x400, 17K)

theverge.com/2018/2/26/17055264/coinbase-cryptocurrency-tax-irs-compliance-court-order

Oh yes, you're way out of the hands of the IRS lmfao

So what if you only transferred 5k out of gdax to binance then have 50k sitting there now?

This is an important thread, and there has to be a way around it.

If on Dec 31st, 2017, your "taxable events" from trading added up to 200k, then on Jan 1st, 2018 your portfolio drops to 50k, You fucking owe tax on the 200k but only have 50k total? So you owe 100k in tax, sell off your 50k, then still owe the government 50k? What the fuck?

who the fuck uses coinbase besides fucking plebs

then you're safe

you knew you owed that 100k on jan 1st

should have set it aside instead of gambled it again

>tfw statist cuckolds finally realize taxation is theft

How would they know? Just pay capital gains on what you cash out

>an exchange that requires ID
>surprised when they share it with feds
Kek

I cashed the tax money last time this happened. So at least I'm only going to lose my money.

There's no legal solution.

>fly by night exchange runs off with your coins
>no one to appeal to get them back
>sayanora sucker

Why not report that you held threw the year and just pay taxes on 50k?

>100k in tax
Don't live in a socialist country that taxes you 50%. Problem solved.

Kek, brainlet normie needs a government hand to hold
Shock of the century

Keep hodling. Maybe that blockchain technology will really take off someday.

(it won't. it was introduced in 1979 as merkle trees. every solution it supposedly solves is already better solved with centralized databases. yfw you're literally defending 30 year old technology.)

en.wikipedia.org/wiki/Merkle_tree

Kek you are such a faggot hipster too cool and smart for it huh
Kek
Queer

How much are you currently down? Hope you didn't buy the top in December, pal.

Blockchain partly utilizes merkle trees in its encryption.

That's like saying the internet is 200 year old because it utilizes electricity dumbfuck.

>the only people that hate cucks are retards who invested ATH, or at all
Kek
Kys cuckboy

Please name a use case blockchain does better than centralized and also the net gain from that method.

At this point, we'll run out of electricity mining the shit way quicker than btc will ever hint at 50k per.

This shouldn't be news to anyone who has invested before. I made 50k on the stock market last year and I always keep at least 20% of the profits liquid until tax day.

Money. For the vast majority of human history, gold and similar hard currencies was the way in which the supply of money was managed and distributed, it is the most battle tested model for money, and the modern status quo of purely fiat money has existed only since 1971, and has been an epic failure from its start there to its finish now.
Crypto is actually superior to gold in the sense that it provides no physical footholds for traditional bandit classes to exercise their parasitism easily at all, and as new chains can be created at will, any attempt to monopolise the supply of a given particular crypto in order to rent seek on the use of that chain will simply provide competitive pressure to use other chains that work and do not engage in said rent seeking. All chains work equally well and are equally auditable, so this is also not vulnerable to the wildcat banking case where random shit banks would arise throwing out new money and going out of business effectively over night due to their poor management and the opacity of their operations.
Blockchains are effectively the technological innovation which enables to the political innovation of anarchocapitalism, and all the benefits which that entails, such as the death of the state, it's massive deadweight drain on society as a whole defined as hundreds of millions of deaths in the past century, and to be conservative and generous, over 30% of global GDP.
This is what kills them, this is what they can't control, and this is why it's valuable, and all this price action noise is simply distraction and whales testing people to make sure they actually realise that, the fiat tokens on the other end of the wire don't matter, they're monopoly money, crypto is all that matters, in ten years it will be the only form of money there is and we will be at a loss to explain to the youth of the time how fiat banking as it presently operates was ever accepted as reasonable.

Attached: Irish-Spring-Package-Redesign-copy-e1365022346780.png (600x388, 222K)