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bitcoins

sidewazzz said:
You know for a long time I always assumed the regular ATMs in stores were scams... Then I realized my bank was scamming me by charging me a $3 fee for using one of those atm's.
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Right, and there are fees for any Bitcoin transaction as there are for most crypto transactions, not to mention the fee you'll have to pay on the BTC onramp and offramps.

Bitcoin was hilariously slow and inefficient when Satoshi created it and is still this way 13 years later.
 
mrzuzzo said:
Right, and there are fees for any Bitcoin transaction as there are for most crypto transactions, not to mention the fee you'll have to pay on the BTC onramp and offramps.

Bitcoin was hilariously slow and inefficient when Satoshi created it and is still this way 13 years later.
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IDK.... I bought a camera with coin didn't pay fees
I sent coin to my dad.... I think he paid a $1.99 fee when he converted it to USD. it was pretty instant.
 
Lol I'll ask again if someone can explain Bitcoin delivery contracts in layman's terms. I have a person showing me things that are just to good to be true, 30secs make 90k and another 30secs make 162k
 
mrzuzzo said:
Right, and there are fees for any Bitcoin transaction as there are for most crypto transactions, not to mention the fee you'll have to pay on the BTC onramp and offramps.

Bitcoin was hilariously slow and inefficient when Satoshi created it and is still this way 13 years later.
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And each bitcoin transaction is a taxable event if it involves a sale of Bitcoin or exchange for something else.
 
sidewazzz said:
IDK.... I bought a camera with coin didn't pay fees
I sent coin to my dad.... I think he paid a $1.99 fee when he converted it to USD. it was pretty instant.
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First of all, it's impossible to transact in Bitcoin without incurring a transaction fee.

Second of all, unless you mined the Bitcoin yourself (which is highly inefficient), you had to pay a fee/spread to covert your USD into Bitcoin, and then your dad paid more fees/spread to convert back into USD.

Incredibly slow and inefficient when you could have sent an instant Vemno, PayPal, Zello transaction and incurred zero fees.


FXCLM5 said:
Lol I'll ask again if someone can explain Bitcoin delivery contracts in layman's terms. I have a person showing me things that are just to good to be true, 30secs make 90k and another 30secs make 162k
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What are you looking to understand? Sounds like options trading on futures. Unless you are hedging an existing asset or you're gambling on your life savings I'm not sure why you'd do this.

afm199 said:
And each bitcoin transaction is a taxable event if it involves a sale of Bitcoin or exchange for something else.
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Yes, transacting in crypto has some pretty serious tax implications.
 
mrzuzzo said:
Yes, transacting in crypto has some pretty serious tax implications.
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Yes, and I am fairly sure there are quite a few people out there finding this out the hard way. :laughing

My tax work on my 2021 transactions was a PITA and they were minor.
 
taxes were a heavy PITA this year. Some lessons were learned. Tracking transactions was fairly automated, but determining the cost basis was really tough.

Being treated as self-employed after making more than $400 in mining rewards was a huge boon. Being able to write off and depreciate mining equipment saved me a ton.
 
Bowling4Bikes said:
taxes were a heavy PITA this year. Some lessons were learned. Tracking transactions was fairly automated, but determining the cost basis was really tough.

Being treated as self-employed after making more than $400 in mining rewards was a huge boon. Being able to write off and depreciate mining equipment saved me a ton.
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Check out "Tradelog". It's a software app that tracks every purchase and sale of stocks/bonds/assets.

If you have a list of all your purchases in an excel or similar format, you can import that, import all your sales, and it will calculate cost basis for every sale. This program has saved me innumerable hours of data entry of individual transactions.

It also provide an 8949 report accepted by the IRS for your sales.
 
FXCLM5 said:
Lol I'll ask again if someone can explain Bitcoin delivery contracts in layman's terms. I have a person showing me things that are just to good to be true, 30secs make 90k and another 30secs make 162k
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A delivery contract is just that. If you sign a contract to deliver 100 items at a fixed price on a fixed date, you are bound to that contract. If the price of the items quadruples, you are still bound to that contract. If the price halves, you make out. The obverse is also true.

Generally speaking this a form of gambling, purely and simply. Anyone telling you it's easy money is mfing liar.
 
afm199 said:
Check out "Tradelog". It's a software app that tracks every purchase and sale of stocks/bonds/assets.

If you have a list of all your purchases in an excel or similar format, you can import that, import all your sales, and it will calculate cost basis for every sale. This program has saved me innumerable hours of data entry of individual transactions.

It also provide an 8949 report accepted by the IRS for your sales.
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thanks man, I'll look into it.
 
Bowling4Bikes said:
taxes were a heavy PITA this year. Some lessons were learned. Tracking transactions was fairly automated, but determining the cost basis was really tough.

Being treated as self-employed after making more than $400 in mining rewards was a huge boon. Being able to write off and depreciate mining equipment saved me a ton.
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You might already be aware, but be careful to not fall into hobby /loss category.
 
afm199 said:
A delivery contract is just that. If you sign a contract to deliver 100 items at a fixed price on a fixed date, you are bound to that contract. If the price of the items quadruples, you are still bound to that contract. If the price halves, you make out. The obverse is also true.

Generally speaking this a form of gambling, purely and simply. Anyone telling you it's easy money is mfing liar.
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Hmm hope it's just that simple for Bitcoin all the sites explain pages of gibberish that I can't really comprehend, she hedges against the usdt since that is a clear 1:1 when she buys, all I know is she showed me her transactions and one was 90k+ and other was 162k+ earnings in 30 secs

And isn't Bitcoin/stock market/mutual funds all a form of gambling?
 
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Holeshot said:
You might already be aware, but be careful to not fall into hobby /loss category.
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thanks. I don't think I'm 100% sure on anything tax related afa business filings, haha. So this year, I'll be moving forward with a professional. I did loads of research and advice seeking. If something is wrong with my filings, it probably won't be because I have shortchanged the govt but might be because I put a number in a wrong box, etc. We'll see if the IRS agrees.

I feel like I got a decent grip on hobby vs. business part, but again the proof is in the (lack of) state and fed IRS response to my filings.
 
Well best time to cheat may have been up to a few weeks ago...after the shredded 30M documents from filers!
 
FXCLM5 said:
Hmm hope it's just that simple for Bitcoin all the sites explain pages of gibberish that I can't really comprehend, she hedges against the usdt since that is a clear 1:1 when she buys, all I know is she showed me her transactions and one was 90k+ and other was 162k+ earnings in 30 secs

And isn't Bitcoin/stock market/mutual funds all a form of gambling?
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Njoy your ride.
 
162k in 30 seconds doesn't make any sense unless there was a ton of price movement and maybe you used your life savings as collateral and were leveraged to the tits.
 
Well, just want to aplogize to all you guys for buying some crypto recently, and I'll let you know when I intend to make my next purchase so you can sell before hand.
 
Anyway, for a few dollars each, from all you guys investing, I'll no longer invest, which pretty much guarantees the price will rise.
 
afm199 said:
Anyway, for a few dollars each, from all you guys investing, I'll no longer invest, which pretty much guarantees the price will rise.
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no way man, keep buying. I thought I had missed the boat and would never see prices this low again. This, and the coming lower lows I would assume, are accelerating my quest to become a whole bitcoiner.
 
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