Bitcoins/Litecoins/Virtual Currencies

The gold coins/bars sitting in your deposit box? Capital asset. Fun fact for Glenn Beck's followers - they are part of a sub-category (collectables) that are taxed almost 2x as much as your "normal" capitals gains items (stocks, bonds, etc), upon sale.

Because the story on bitcoins was that they were different and unregulatable and were the money of the people and a whole bunch of other shit.

I don't even see how this is a shock to anyone.

Big Phoenix_sl said:

So then why is this a shock?

Click to expand...

Because people are greedy and dumb? With a handful of exceptions, every transaction you make that results in a profit is a taxable event. Think about that for a second, and what that really means. Almost no one knows that, because the IRS isn't checking out your garage sale to see if you're turning a profit on your old record collection or Ikea computer desk, but nonetheless, if your basis is low enough for you to turn a profit, you better include that gain on your taxes! (Because you know, we all do that right?)

That's kind of like how Illinois wants you to pay taxes on things you bought online through the goodness of your heart on your tax return... I always wondered if anyone actually did it.

Individuals, unlikely...companies need to report it though

Wtf is happening to prices lately? Coinbase under 500

Yeah i thiink it's dying. For it not to be, it needs to pick up some kind of buzz and momentum in the news and public eye again. Which doesn't look likely. I know I'm getting sick and tired of answering the same inane questions about it.

It doesn't have to shoot back up to $1100 overnight or be considered dead. Just maintain some stability.

It's been a pretty solid spate of bad news lately. US government classified it as property which makes it a massive pain for websites to take bitcoin in payment if they are legit, and the Chinese government has been coming down hard as well.

As to whether this is a large bump in the road or the end of a fad, who knows.

Shit's plummeting. Under $400

mmm, bitcoin