Tax news affecting Crypto-Market?
Mis à jour
Today is another depressing day in Crypto headlines. The founder of ethereum says 2017 rise was due to hype , leading some to likely draw an inference that such things will not happen.
South Korea announced plans to tax crypto-currency. Here is where I get aggravated.:
IF you got involved in Crypto thinking you could make money in a fashion similar to traditional markets anonymously AND if you think that is the fundamental strength of decentralization is tax evasion , you are a f*&*^%$ AS$#^%&* and have no morals and little intelligence.. The internet , the market and the electricity you use are all affected and likely subsidized if not now at some point by taxes. You should know if you don't by now that until and if the internet were to go down, what is on it is not erased. It is easier to find you here than anywhere.
If South Koreans are now in a fluster , it is only the dishonest ones.
The goal of decentralization is not the worlds biggest tax evasion ploy, it is a way to evade the fractional reserve banking system and worse iterations in other countries. A way to send money across borders that will not permit fiat transactions , and a such represents freedom.
Freedom. That's the goal , right??
You still have to pay your taxes.
I know a LOT of veterans who will tell you freedom isn't free. Stop panicking and pay your taxes.
Onto todays latest crypto disaster ; it is indeed another dark day for crypto. Mike Novogratz was wrong about Bitcoin (If it hits 20k pre-2019 I will eat my hat, humiliate myself publicly before him , and change my name to Screech,) but that doesn't mean it is dead.
The goal of trading crypto is to make money right?? Price by consensus right? So WTF people???
Seriously.
If you are a panicky person trying to day trade crypto maybe you need to leave.
The rest of the community has a responsibility that it is failing to maintain. Market manipulation is in play , and notice how slow the sec and other concerned entities have been to react?? Think that's just poor timing?? Unil the manipulation stops you need to wake up EARLY if you wish to trade. Learn the time zones that apply to the 3 major sessions. Go back through tradeview on a 1 hour chart and notice the correlation between times when the pump begins and the dump begins. Follow the big money. Again you will have to study the charts - I promise you will find not always but mostly time correlations between rises and falls large enough if you get in and out at the right times to profit , if even a little, most days. Sometimes there just are no profits to be had, so you WAIT.
With headlines like "Bitcoin in Death Spiral" it may be hard , but that is a headline that has been played before.
Get out a calculator, add double your fee and do not sell for less. In this day , purchases of ages ago still in your possession need to be ignored and in one aspect present a positive - with FIFO tax calculation, they serve as the cost basis for capital gains.
Money CAN be made in this market but you REALLY need to be attentive, study correlations, ignore sensational headlines and ANY financial analysis , and do your own math.
***AS always, I am not a financial advisor. Just a guy who suffered losses that I am determined to make back and in the service of doing so has studied from an unconventional point of view . I write because I enjoy writing , and in the hopes of helping to prevent loss. That said, I am required to inform you of the above , and that this is an op-ed**
Caveat Emptor
South Korea announced plans to tax crypto-currency. Here is where I get aggravated.:
IF you got involved in Crypto thinking you could make money in a fashion similar to traditional markets anonymously AND if you think that is the fundamental strength of decentralization is tax evasion , you are a f*&*^%$ AS$#^%&* and have no morals and little intelligence.. The internet , the market and the electricity you use are all affected and likely subsidized if not now at some point by taxes. You should know if you don't by now that until and if the internet were to go down, what is on it is not erased. It is easier to find you here than anywhere.
If South Koreans are now in a fluster , it is only the dishonest ones.
The goal of decentralization is not the worlds biggest tax evasion ploy, it is a way to evade the fractional reserve banking system and worse iterations in other countries. A way to send money across borders that will not permit fiat transactions , and a such represents freedom.
Freedom. That's the goal , right??
You still have to pay your taxes.
I know a LOT of veterans who will tell you freedom isn't free. Stop panicking and pay your taxes.
Onto todays latest crypto disaster ; it is indeed another dark day for crypto. Mike Novogratz was wrong about Bitcoin (If it hits 20k pre-2019 I will eat my hat, humiliate myself publicly before him , and change my name to Screech,) but that doesn't mean it is dead.
The goal of trading crypto is to make money right?? Price by consensus right? So WTF people???
Seriously.
If you are a panicky person trying to day trade crypto maybe you need to leave.
The rest of the community has a responsibility that it is failing to maintain. Market manipulation is in play , and notice how slow the sec and other concerned entities have been to react?? Think that's just poor timing?? Unil the manipulation stops you need to wake up EARLY if you wish to trade. Learn the time zones that apply to the 3 major sessions. Go back through tradeview on a 1 hour chart and notice the correlation between times when the pump begins and the dump begins. Follow the big money. Again you will have to study the charts - I promise you will find not always but mostly time correlations between rises and falls large enough if you get in and out at the right times to profit , if even a little, most days. Sometimes there just are no profits to be had, so you WAIT.
With headlines like "Bitcoin in Death Spiral" it may be hard , but that is a headline that has been played before.
Get out a calculator, add double your fee and do not sell for less. In this day , purchases of ages ago still in your possession need to be ignored and in one aspect present a positive - with FIFO tax calculation, they serve as the cost basis for capital gains.
Money CAN be made in this market but you REALLY need to be attentive, study correlations, ignore sensational headlines and ANY financial analysis , and do your own math.
***AS always, I am not a financial advisor. Just a guy who suffered losses that I am determined to make back and in the service of doing so has studied from an unconventional point of view . I write because I enjoy writing , and in the hopes of helping to prevent loss. That said, I am required to inform you of the above , and that this is an op-ed**
Caveat Emptor
Commentaire
The tax basis was mentioned for people following the pump/Dump attempting to make their money back. I don't really recommend it, but if you do it, the FIFO designation will lower your capital gains. Example: You are hodl to some XRP purchased at .42 - for whatever reason you didnt cut losses. If bought some today at .34300, and later sell it for .36300 , you will realize a gain, but for tax guidelines, FIFO has been suggested, therefore your software will take that profit you made and consider it loss from the .42 purchased XRP. Small currencies seem easier to profit from in this fashion, with BTC it is far more difficult than LTC, ETH, or XRP taking into account spread, fee's , and the nature of the rise needed to profit. BTC does what it wants and is subject to mining issues at present, hash wars (ie sharkpool) , BCHSV - which keeps going up , perhaps due to hash wars or manipulation, or people who believe craig wrights claims of 1tb blocks in the future.
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