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Re: Bitcoin, crypto currency and block chain...
« Reply #240 on: March 24, 2021, 10:03:46 PM »
Interesting question about how the different BTC accounts treat cost basis for capital gains/losses.

https://cryptotrader.tax/blog/how-to-calculate-your-bitcoin-taxes-the-complete-guide

This may have some answers... Still not my problem.

JR
Thanks for the link. Every country has a different taxation system. New to me (not) concerning the US system in general were taxation as income versus taxation as long-term investment (held for longer than 12 months). Makes sense if a government wants people to invest for long-term saving purposes. Unfortunately we don't have that over here. Wash-sale rule in US (sell at loss just to rebuy and harvest taxes) was new to me, but that also makes some sense. And yes, having to keep minute track of every taxable event (buy / sale etc) to determine gain/loss is a PITA, and especially with cryptos it seems, but that also makes absolute sense.



JohnRoberts

Re: Bitcoin, crypto currency and block chain...
« Reply #242 on: March 29, 2021, 11:58:41 PM »
I am hearing more noise about blockchain... looks like Visa is working on a dollar backed crypto currency (might use etherium to get going), even facebook reportedly has some cryptocurrency in their pipeline.

The real question is what does this all get pegged to? I am not betting on BTC (still). 

JR
Cancel the "cancel culture", do not participate in mob hatred.

boji

Re: Bitcoin, crypto currency and block chain...
« Reply #243 on: March 30, 2021, 02:27:12 AM »
Quote
real question is what does this all get pegged to?

Haven't we proven by continued use of the 'pegless' US dollar that all is a consensual fiction?
Doesn't seem fair to demand the gold standard be applied to crypto but not to its main referent (usd).

JohnRoberts

Re: Bitcoin, crypto currency and block chain...
« Reply #244 on: March 30, 2021, 09:56:48 AM »
Haven't we proven by continued use of the 'pegless' US dollar that all is a consensual fiction?
Doesn't seem fair to demand the gold standard be applied to crypto but not to its main referent (usd).

I was disappointed when President Nixon took us off the Gold standard (gold backed currency). But that was not the only time he disappointed me... (he drafted me too).

I am more worried about the "Modern Monetary Theory" that seems unconcerned about National debt ($28T or $85,000 per citizen, $224,000 per taxpayer). https://usdebtclock.org/

I wonder if all those economic migrants would still come if they were handed a bill at the border for the debt they are trying to embrace.

JR
Cancel the "cancel culture", do not participate in mob hatred.