First regulated Bitcoin investment fund welcomed

New Congressional bill seeks de minimis tax exemption for smaller crypto transactions. It addresses an issue that arose from the IRS's determination in 2014 that bitcoin and other cryptocurrencies constitute a form of property

submitted by gengyanisme3e to CryptoMarkets [link] [comments]

Can bitcoin mining in Canada qualify as a business? Could purchasing bitcoin miners be written as a business expense?

I'm having a trouble locating this kind of information. Maybe this has been discussed before and someone can hopefully point me in the right direction.
EDIT: What I've found so far:
http://taxinterpretations.com/?p=25716
http://www.techvibes.com/blog/canada-revenue-agency-bitcoin-tax-2014-05-15
https://en.bitcoin.it/wiki/Tax_compliance
submitted by nativeofspace to BitcoinCA [link] [comments]

Just discovered I never paid taxes on my bitcoin from 2013/2014 after filing my 2017 taxes. Am I screwed/should I be worried ?

As a frame of reference, I'm currently 23 years old so this was done was I was a dumb freshman in college and had no idea about tax law or taxes in general. While filing my taxes for trades I made last year (2017) and consolidating all of my trades via Cointracking.info, I discovered that I had a marginal amount of bitcoin that I had purchased and spent/sold back in 2013/early 2014 on Coinbase. After not trading or doing anything crypto related for the later 3/4ths of 2014 - early 2017, I came back to it in 2017 after my coworker brought it back to my attention.
In 2013, I bought 0.13 bitcoin for $130 and sold them off for roughly $144 after losing interest, essentially meaning a capital gain of $14.
In 2014, I bought 0.08 bitcoin for ~$54 and ended up using them to buy a belt a a few weeks later for $45. Essentially meaning I had a loss for -$9.
I've made a sizable gain off of my investments last year and while I'm still holding them, I'm worried about what might happen if I get audited when I do decide to cash them out and they somehow find out I didn't pay taxes on the gains/losses from those prior years as there are records of them in coinbase. I'm 100% going to be paying taxes on my trades for last year, but do I need to be worried that about the taxes on bitcoin I didn't pay from 2013/2014?
Since I believe I missed the amendment deadline, what should I do? I've read online that these might be considered de minimis since the values were so small? Thanks in advance!
submitted by cryptoamend to CryptoTax [link] [comments]

Just discovered I never paid taxes on my bitcoin from 2013/2014 after filing my 2017 taxes. Am I screwed/should I be worried ?

submitted by cryptoamend to tax [link] [comments]

The Dutch tax office included an option to declare your Bitcoins for the 2014 IRS declaration

The Dutch tax office included an option to declare your Bitcoins for the 2014 IRS declaration submitted by Espinha to Bitcoin [link] [comments]

PLEASE sign my petition: AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology&creates untenable requirements.

PLEASE sign my petition: AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology&creates untenable requirements. submitted by ECCENTRICATTORNEY to Bitcoin [link] [comments]

"On Bitcoins, Tulips And IRS Tax Compliance." Actual tax accountant is less than impressed with the bits-coin. "The guidance in Notice 2014-21 told us, not unsurprisingly that bitcoins are not tax fairy dust allowing us to earn and spend without paying any taxes."

submitted by dgerard to Buttcoin [link] [comments]

I mined about 5 or 6 bitcoins in 2014. Easiest way to do US taxes?

I've also spend what I've mined over the last year. I'd like to think there is some legit software/website that can take a lot of grunt out of this.
submitted by c3739 to Bitcoin [link] [comments]

@HolmdahlFLASH: Seriously I hate 21 Pilots as much as Road construction, paying taxes, STDs, Milo Yiannopoulos, the 2014 Nfc championship game, condoms, Anthony Barr, when someone tries to explain Bitcoin, slow internet speeds, and radio Jewlery commercials...

http://twitter.com/HolmdahlFLASH
via IFTTT
submitted by peterboykin to MiloYiannopoulos_ [link] [comments]

AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology & creates untenable requirements

AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology & creates untenable requirements submitted by ibayibay1 to dogecoin [link] [comments]

In 2014 i had $1800 worth of btc lost/stolen and never reported it on my taxes. How would i go about doing that now in 2017? /r/Bitcoin

In 2014 i had $1800 worth of btc lost/stolen and never reported it on my taxes. How would i go about doing that now in 2017? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Have a small amount of unaccounted capital gains/losses from 2013/2014, what do I need to do tax wise to amend them? (X-Post /r/bitcoin)

I bought a small amount of bitcoin back in 2013 through Coinbase (~$100 worth) along with a absurdly small amount that I received via some bitcoin faucets (something like $0.31 after cashing out) and ended up buying some items off of Massdrop for roughly ~$110.
In early 2014, I bought $55.21 worth off of coinbase, only to sell it when it started falling for a conversion of what ended up being $45.78, resulting in a capital loss of $9.43 These losses/gains were populated from Libra Tax's tool. At the time, I believe (although I'm probably wrong) that Bitcoin's place in tax regulations wasn't defined, which is why I never thought about accounting for gains/losses
I currently don't have any money involved with Bitcoin, but after reading in the news that Coinbase is involved with a legal case with the IRS that might end up with Coinbase handing over all of their customer transaction histories over, I'm starting to get concerned. What should be my course of action here? Especially given the fact that I'm accounting for what is essentially $11 in capital gains in 2013 and $9 in losses in 2014? Thanks in advance!
submitted by bitcointaxthrowaway to BitcoinBeginners [link] [comments]

Tax season has arrived (in the US). Maybe you didn't do things "right" in 2013. If you want to in 2014, I've made a small tool that will help you do so. [x-post /r/bitcoin]

Most of you will remember this thread by a tax attorney where he gave lots of helpful advice. The most important for the average consumer, I think, is keeping track of your basis. In order to do so, you need to know how much they were worth when you got them. This is where my tool steps in.

http://mineoas.us/bitcoin/historic

Here you can input any date1 and time and find out what the price of bitcoin was at that time at bitstamp, coinbase, mtgox, and btce (want more added? Let me know). You can even get historic data in a computer-friendly format for your automated tools like this, or like this if you'd rather.
For quick manual checks, you can input the date/time/timezone information at the url above. Or if you'd like help automating the process, see the end of this post.

http://mineoas.us/bitcoin/current

Here the process is much simplier. If you'd only like to see the current value at any of the four exchanges listed above (and for some reason you don't want to pole them directly or look at pretty graphs and such), then simply choose the exchange(s) you'd like and the format you'd like the data in.
Please post any questions or comments. Hate is also accepted in the form of private messages, though comments are cool too.
[1] any date. Data collection started January 7th, 2014 07:06:01 UTC. Therefore, I unfortunately cannot help you with prices during all of 2013 and the first week of 2014. EDIT: I've added data from at least 2011 for mtgox, bitstamp, and btce.

Automatically getting data

Current data is easy. Simply put the format and the exchange in the url, like so
Historic data is slightly harder. It requires a date, time, and an optional timezone offset from UTC.
All together you get url's like these
submitted by pointychimp to BitcoinMarkets [link] [comments]

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ DRKCoin accepted here.

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ DRKCoin accepted here. submitted by Bitcoin-Workers to DRKCoin [link] [comments]

[uncensored-r/Bitcoin] US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000)

The following post by somalo1 is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/80kcej
The original post's content was as follows:
Coinbase emailed me that my data will be sent to IRS. I have checked my record in Coinbase. I gained $11000 in 2013. And lost $15000 in 2014. I did not trade afterward. Unfortunately, I did not report these gain and loss in my returns because I was young and stupid. Now it is 2018, which of the following plans is better?
A. Wait for IRS to come to me. And show IRS the Coinbase spreadsheet that I actually lose money (lost $4000). So that I don't owe IRS.
B. Before IRS found out, I go ahead and amend forms 1040x and Schedule D for 2013 and 2014 to tell IRS that I can claim a net capital loss.
It seems that plan B is better because I can deduct my loss in my 2017 tax. And amending a return before getting caught might avoid some fines and penalties?
Secondly, can IRS come to me to ask for my capital gain tax in 2013 and evilly pretend that he did not see my loss in 2014? If IRS can do this, I should go with Plan B, right?
Lastly, I have searched and did not see discussions on how to amend capital gain/loss in BTC in the past years. Any insights/experience is appreciated. Many thanks. Have a good day.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000) /r/Bitcoin

US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000) /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: Should I fix 2014 tax return? /r/tax

Bitcoin mentioned around Reddit: Should I fix 2014 tax return? /tax submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Flatten the Curve. #18. The current cold war between China and America explained. And how China was behind the 2008 Wall Street financial Crash. World War 3 is coming.

China, the USA, and the Afghanistan war are linked. And in order to get here, we will start there.
9-11 happened. Most of the planet mistakenly understood terrorists had struck a blow against Freedom and Capitalism and Democracy. It was time to invade Afghanistan. Yet all of the terrorists were linked to Saudi Arabia and not Afghanistan, that didn't make sense either. Yet they invaded to find Bin Laden, an ex CIA asset against the Soviet Union and it's subjugation of Afghanistan. The land in the middle of nowhere in relation to North America and the West. It was barren. A backwater without any strategic importance or natural resources.
Or was there?
The survey for rare earth elements was only made possible by the 2001 U.S. invasion, with work beginning in 2004. Mirzad says the Russians had already done significant surveying work during their military occupation of the country in the 1980s. Mirzad also toes the line for U.S. corporations, arguing, “The Afghan government should not touch the mining business. We have to give enough information to potential investors.”
Rare Earth Elements. The elements that make the information age possible. People could understand the First Gulf War and the Geopolitical importance of oil. That was easy, but it still didn't sound morally just to have a war for oil. It was too imperialist and so they fell in line and supported a war for Kuwaiti freedom instead, despite the obvious and public manipulation at the UN by Nayirah.
This is some of her testimony to the Human Rights Council.
While I was there, I saw the Iraqi soldiers come into the hospital with guns. They took the babies out of the incubators, took the incubators and left the children to die on the cold floor. It was horrifying. I could not help but think of my nephew who was born premature and might have died that day as well. After I left the hospital, some of my friends and I distributed flyers condemning the Iraqi invasion until we were warned we might be killed if the Iraqis saw us.
The Iraqis have destroyed everything in Kuwait. They stripped the supermarkets of food, the pharmacies of medicine, the factories of medical supplies, ransacked their houses and tortured neighbors and friends.
There was only one problem. She was the daughter of Saud Al-Sabah, the Kuwaiti ambassador to the United States. Furthermore, it was revealed that her testimony was organized as part of the Citizens for a Free Kuwait public relations campaign, which was run by the American public relations firm Hill & Knowlton for the Kuwaiti government (fun fact, Hill & Knowlton also have extensive ties with Bill Gates).
So the public was aghast at her testimony and supported the war against the mainly Soviet backed, but also American supported and Soviet backed Saddam Hussein, in his war against Iran, after the Iranians refused to Ally with American interests after the Islamic Revolution.
But that was oil, this was Rare Earth Elements. There was a reason the war was called, Operation Enduring Freedom. This natural resource was far more important in the long run. You couldn't have a security surveillance apparatus without it. And what was supposed to be a war on terror was in actuality a territorial occupation for resources.
Sleeping Dragon China is next, and where there's smoke, there's fire.
Let's go point form for clarity.
• China entered the rare earth market in the mid-1980s, at a time when the US was the major producer. But China soon caught up and became the production leader for rare earths. Its heavily state-supported strategy was aimed at dominating the global rare earth industry.
• 1989 Beijing’s Tiananmen Square spring. The U.S. government suspends military sales to Beijing and freezes relations.
• 1997. Clinton secures the release of Wei and Tiananmen Square protester Wang Dan. Beijing deports both dissidents to the United States. (If you don't understand these two were CIA assets working in China, you need to accept that not everything will be published. America wouldn't care about two political activists, but why would care about two intelligence operatives).
• March 1996. Taiwan’s First Free Presidential Vote.
• May 1999. America "accidently" bombs the Belgrade Chinese Embassy.
• 2002 Price competitiveness was hard for the USA to achieve due to low to non-existent Chinese environmental standards; as a result, the US finally stopped its rare earth production.
• October 2000. U.S. President Bill Clinton signs the U.S.-China Relations Act. China's take over of the market share in rare earth elements starts to increase.
• October 2001. Afghanistan war Enduring Freedom started to secure rare earth elements (Haven't you ever wondered how they could mobilize and invade so quickly? The military was already prepared).
• 2005. China establishes a monopoly on global production by keeping mineral prices low and then panics markets by introducing export quotas to raise prices by limiting supply.
• Rare Earth Elements. Prices go into the stratosphere (for example, dysprosium prices do a bitcoin, rocketing from $118/kg to $2,262/kg between 2008 and 2011).
• In a September 2005. Deputy Secretary of State Robert B. Zoellick initiates a strategic dialogue with China. This was presented as dialog to acknowledge China's emergence as a Superpower (which China probably insisted on), but it was about rare earth elements market price.
• October 2006. China allows North Korea to conduct its first nuclear test, China serves as a mediator to bring Pyongyang back to the negotiating table with the USA.
• September 2006. American housing prices start to fall.
(At some point after this, secret negotiations must have become increasingly hostile).
• March 2007. China Increases Military Spending. U.S. Vice President Dick Cheney says China’s military buildup is “not consistent” with the country’s stated goal of a “peaceful rise.”
• Mid-2005 and mid-2006. China bought between $100b and $250 billion of US housing debt between mid-2005 and mid-2006. This debt was bought using the same financial instruments that caused the financial collapse.
• 2006. Housing prices started to fall for the first time in decades.
• Mid-2006 and mid-2007. China likely added another $390b to its reserves. "At the same time, if China stopped buying -- especially now, when the private market is clogged up -- US financial markets would really seize up." Council on Foreign Relations-2007 August
• February 27, 2007. Stock markets in China and the U.S. fell by the most since 2003. Investors leave the money market and flock to Government backed Treasury Bills.
I've never seen it like this before,'' said Jim Galluzzo, who began trading short-maturity Treasuries 20 years ago and now trades bills at RBS Greenwich Capital in Greenwich, Connecticut.Bills right now are trading like dot-coms.''
We had clients asking to be pulled out of money market funds and wanting to get into Treasuries,'' said Henley Smith, fixed-income manager in New York at Castleton Partners, which oversees about $150 million in bonds.People are buying T-bills because you know exactly what's in it.''
• February 13, 2008. The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. The total cost of this bill was projected at $152 billion for 2008. A December 2009 study found that only about one-third of the tax rebate was spent, providing only a modest amount of stimulus.
• September 2008. China Becomes Largest U.S. Foreign Creditor at 600 billion dollars.
• 2010. China’s market power peaked in when it reached a market share of around 97% of all rare earth mineral production. Outside of China, there were almost no other producers left.
Outside of China, the US is the second largest consumer of rare earths in the world behind Japan.
About 60% of US rare earth imports are used as catalysts for petroleum refining, making it the country’s major consumer of rare earths.
The US military also depends on rare earths. Many of the most advanced US weapon systems, including smart bombs, unmanned drones, cruise missiles, laser targeting, radar systems and the Joint Strike Fighter programme rely on rare earths. Against this background, the US Department of Defense (DoD) stated that “reliable access to the necessary material is a bedrock requirement for DOD”
• 2010. A trade dispute arose when the Chinese government reduced its export quotas by 40% in 2010, sending the rare earths prices in the markets outside China soaring. The government argued that the quotas were necessary to protect the environment.
• August 2010. China Becomes World’s Second-Largest Economy.
• November 2011. U.S. Secretary of State Hillary Clinton outlines a U.S. “pivot” to Asia. Clinton’s call for “increased investment—diplomatic, economic, strategic, and otherwise—in the Asia-Pacific region” is seen as a move to counter China’s growing clout.
• December 2011. U.S. President Barack Obama announces the United States and eight other nations have reached an agreement on the Trans-Pacific Partnership later announces plans to deploy 2,500 marines in Australia, prompting criticism from Beijing.
• November 2012. China’s New Leadership. Xi Jinping replaces Hu Jintao as president, Communist Party general secretary, and chairman of the Central Military Commission. Xi delivers a series of speeches on the “rejuvenation” of China.
• June 2013. U.S. President Barack Obama hosts Chinese President Xi Jinping for a “shirt-sleeves summit”
• May 19, 2014. A U.S. court indicts five Chinese hackers, allegedly with ties to China’s People’s Liberation Army, on charges of stealing trade technology from U.S. companies.
• November 12, 2014. Joint Climate Announcement. Barack Obama and Chinese President Xi Jinping issue a joint statement on climate change, pledging to reduce carbon emissions. (which very conveniently allows the quotas to fall and save pride for Xi).
• 2015. China drops the export quotas because in 2014, the WTO ruled against China.
• May 30, 2015 U.S. Warns China Over South China Sea. (China is trying to expand it's buffer zone to build a defense for the coming war).
• January 2016. The government to abolish the one-child policy, now allowing all families to have two children.
• February 9, 2017. Trump Affirms One China Policy After Raising Doubts.
• April 6 – 7, 2017. Trump Hosts Xi at Mar-a-Lago. Beijing and Washington to expand trade of products and services like beef, poultry, and electronic payments, though the countries do not address more contentious trade issues including aluminum, car parts, and steel.
• November 2017. President Xi meets with President Trump in another high profile summit.
• March 22, 2018. Trump Tariffs Target China. The White House alleges Chinese theft of U.S. technology and intellectual property. Coming on the heels of tariffs on steel and aluminum imports, the measures target goods including clothing, shoes, and electronics and restrict some Chinese investment in the United States.
• July 6, 2018 U.S.-China Trade War Escalates.
• September 2018. Modifications led to the exclusion of rare earths from the final list of products and they consequently were not subject to import tariffs imposed by the US government in September 2018.
• October 4, 2018. Pence Speech Signals Hard-Line Approach. He condemns what he calls growing Chinese military aggression, especially in the South China Sea, criticizes increased censorship and religious persecution by the Chinese government, and accuses China of stealing American intellectual property and interfering in U.S. elections.
• December 1, 2018. Canada Arrests Huawei Executive.
• March 6, 2019. Huawei Sues the United States.
• March 27 2019. India and the US signed an agreement to "strengthen bilateral security and civil nuclear cooperation" including the construction of six American nuclear reactors in India
• May 10, 2019. Trade War Intensifies.
• August 5, 2019. U.S. Labels China a Currency Manipulator.
• November 27, 2019. Trump Signs Bill Supporting Hong Kong Protesters. Chinese officials condemn the move, impose sanctions on several U.S.-based organizations, and suspend U.S. warship visits to Hong Kong.
• January 15, 2020. ‘Phase One’ Trade Deal Signed. But the agreement maintains most tariffs and does not mention the Chinese government’s extensive subsidies. Days before the signing, the United States dropped its designation of China as a currency manipulator.
• January 31, 2020. Tensions Soar Amid Coronavirus Pandemic.
• March 18, 2020. China Expels American Journalists. The Chinese government announces it will expel at least thirteen journalists from three U.S. newspapers—the New York Times, Wall Street Journal, and Washington Post—whose press credentials are set to expire in 2020. Beijing also demands that those outlets, as well as TIME and Voice of America, share information with the government about their operations in China. The Chinese Foreign Ministry says the moves are in response to the U.S. government’s decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions.
And here we are. You may have noticed the Rare Earth Elements and the inclusion of Environmental Standards. Yes these are key to understanding the Geopolitical reality and importance of these events. There's a reason the one child policy stopped. Troop additions.
I believe our current political reality started at Tiananmen square. The protests were an American sponsored attempt at regime change after the failure to convince them to leave totalitarian communism and join a greater political framework.
Do I have proof? Yes.
China, as far as I'm concerned, was responsible for the 2008 economic crisis. The Rare Earth Elements were an attempt to weaken the States and strengthen themselves simultaneously. This stranglehold either forced America to trade with China, or the trade was an American Trojan horse to eventually collapse their economy and cause a revolution after Tiananmen Square failed. Does my second proposal sound far fetched? Didn't the economy just shut down in response to the epidemic? Aren't both sides blaming the other? At this POINT, the epidemic seems to be overstated doesn’t it? Don't the casualties tend to the elder demographic and those already weakened by a primary disease?
Exactly the kinds who wouldn't fight in a war.
Does this change some of my views on the possibility of upcoming catastrophes and reasons for certain events? No. This is Chess, and there are obvious moves in chess, hidden moves in chess, but the best moves involve peices which can be utilized in different ways if the board calls for it.
Is all what it seems? No.
I definitely changed a few previously held beliefs prior to today, and I would caution you in advance that you will find some previously held convictions challenged.
After uncovering what I did today, I would also strongly suggest reading information cautiously. This is all merely a culmination of ending the cold war, and once I have events laid out, you will see it as well.
At this moment, the end analysis is a war will start in the near future. This will be mainly for a few reasons, preemptive resource control for water and crops, population reduction can be achieved since we have too many people, not enough jobs, and upcoming resource scarcity.
Did you notice my omission of rare earth elements? This is because of Afghanistan. I would wager China or Russia is somehow supporting the continued resistance through Iran. But events are now accelerating with China because the western collation has already begun to build up their mines and start production.
Do you remember when Trump made a "joke" about buying Greenland? Yeah. It turns out that Greenland has one of the largest rare earth mineral deposits on the planet.
Take care. Be safe. Stay aware and be prepared.
This message not brought to you by the Bill and Melinda Gates Foundation, Microsoft, Google, Facebook, Elon Musk, Blackrock, Vangaurd, the Rockefeller Foundation, Rand Corporation, DARPA, Rothschilds, Agenda 21, Agenda 30, and ID 2020.
submitted by biggreekgeek to conspiracy [link] [comments]

The next XVG? Microcap 100x potential actually supported by fundamentals!

What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why:
Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network.
The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership.
The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI.
ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil.
Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets.
100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”.
Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy.
I am super bullish on this coin for the following reasons:
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to.
This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
  1. A https://www.vice.com/en_us/article/d35eax/amazon-bitcoin-patent-data-stream-identify-cryptocurrency-for-law-enforcement-government
  2. B https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs
  3. C https://www.coindesk.com/binance-blockade-of-wasabi-wallet-could-point-to-a-crypto-crack-up
  4. D https://cointelegraph.com/news/centre-freezes-ethereum-address-holding-100k-usdc
  5. E https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins
  6. F https://www.youtube.com/channel/UCWkTxl5Z6DNN0ASMRxSKV5g
  7. G http://epic.tech/whitepaper
  8. H https://medium.com/epic-cash/epic-cash-on-uniswap-22447904d375
  9. I https://epic.tech/wp-content/uploads/2019/09/figure-3.1.jpg
Links:
submitted by pinchegringo to CryptoMoonShots [link] [comments]

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ submitted by Bitcoin-Workers to Bitcoin [link] [comments]

Part 3 of Filing your 2014 Bitcoin Taxes, in easy steps with bitcoin.tax

Part 3 of Filing your 2014 Bitcoin Taxes, in easy steps with bitcoin.tax submitted by bitcointaxes to Bitcoin [link] [comments]

It's still a long way off, but Tax Day 2014 could get really interesting if a whole tax-averse portion of Americans uses bitcoins to opt out -- and the Treasury finds its hands tied.

It's still a long way off, but Tax Day 2014 could get really interesting if a whole tax-averse portion of Americans uses bitcoins to opt out -- and the Treasury finds its hands tied. submitted by accountt1234 to Anarcho_Capitalism [link] [comments]

CoinTracker Crypto Tax Session BTC bitcoin goes up after this breakout retest pattern Can You Use Bitcoin for a Tax Haven? Taxes on Bitcoins Andreas Antonopoulos on the IRS Tax Ruling

If you made money off your bitcoin trades, the IRS will probably want to tax your cryptocurrency gains. the IRS and taxes. In 2014, the IRS issued clear instructions that it considers The Internal Revenue Service has ruled that it considers Bitcoin a form of property, not a legitimate state-backed currency. The announcement is a big deal for Bitcoin holders nervous about Revenue and Customs Brief 9 (2014): Bitcoin and other cryptocurrencies. HTML. Details. Revenue and Customs Brief is a bulletin giving information on developments and changes of interest. They are Selling, using or mining bitcoin or other cryptos can trigger bitcoin taxes. Here's a guide to reporting income or capital gains tax on your cryptocurrency. In 2014, the IRS issued a notice 10 July 2014. The Assistant Chief Minister with responsibility for financial services, Senator Philip Ozouf, has commented on the announcement by a Jersey-based investment management company that it has received approval to launch a Jersey-regulated Bitcoin investment fund.

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CoinTracker Crypto Tax Session

Shehan Chandrasekera, CPA (Head of Tax Strategy, CoinTracker) and Chandan Lodha (Co-Founder, CoinTracker) talk to crypto enthusiasts at Facebook about 2020 crypto & bitcoin taxes and tax saving ... Published on Apr 14, 2014 April 14 (Bloomberg) -- University of Florida Assistant Law Professor Omri Marian discusses potential tax abuses using Bitcoin. He speaks on Bloomberg Television's "In ... Prior to the new era of taxes on Bitcoins, one could purchase Bitcoins with dollars, receive Bitcoins from a patron at your restaurant, or trade bitcoins on a Bitcoin exchange. We have solid proof the founder of Chainlink (Sergey Nazarov) was the creator of Bitcoin & Satoshi Nakamoto! This evidence is about as good as it gets, and pinpoints a 20 year old Sergey Nazarov ... Perianne Boring interviewed Andreas to hear his perspective on these new tax guidelines, and what they will actually mean for businesses, exchanges, miners, and consumers using bitcoin and other ...

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