 Oh snap.. Things in the crypto/steem world be getting more interesting.. First.. The value of steem is up! I think steem's all time high is $4.31.. I could be wrong but looking at coinmarketcap that's what it looks like to me. And now we are at.. $4.26! Woohoo! Looks like we're almost back up to the all time high and.. Perhaps we'll even go over it! It had been flucuating a lot the last number of days, worrying some, even myself a lil bit though not that much as I'm getting used to it. It's been going up and down like a dance, and now it looks like it's going back up significantly. This could be one of the last times we see steem this low for a long time, or.. Perhaps it could keep bouncing around a lot, or maybe even it'll go down, who knows! I don't know.. Though I think based on all my research over the last year, that's it is going to be going up longterm especially over the next 5-10 years. And next.. For anyone who may happen to read this.. What are your thoughts on taxes in regards to crypto? I've never really had anyone mention this to me directly, I've picked up on it through seeing other peoples conversations.. Yet it appears as if.. A lot of people don't really know how to treat crypto in regards to taxes.. There's different theories, even though there is some law on the book. The other night I found a video claiming the IRS changed it so that we have to keep track of every transaction and that they are all taxable as opposed to just capital gains when you turn it into USD. I read the comments and 99% were pissed, 1% claimed the information was wrong or he misinterpreted it or that it was already like this and it's nothing new. I'm not really sure where the truth is.. Though.. I think it seems unreasonable and even impossible for many of us to keep track of every single transaction, especially on steemit where so many transactions often occur quickly and in abundance. I had one friend on steemit say when they cashed out they had to pay 50% in capital gains tax, and.. I just dunno where the truth is or what to do other than to look into the law more and research it more and just.. Keep doing what I do. It looks like 99% of the comments I saw in that video felt the same, they're just going to keep doing what they do cause it's unreasonable and insane to expect people to quantify and pay taxes on every transaction. Capital gains on profits is one thing, and disgusting enough.. But.. Taxing every transaction is just ludacris and insanity. I mean.. Most people getting into crypto I do not think are aware there's any laws about such, they just get online and start trading or earning and then perhaps after they've accumulated a certain amount they look into it. The government never came out on TV or in large coordinated fashion that I'm aware of to inform everyone of the laws, they're like hidden away only for those who take the time and effort to look. Most people are just jumping in and the legality is an afterthought, so what the heck? How are you going to hold someone guilty if you never informed them of what was wrong and they basically had to search it out for themselves? It seems awfully hypocritical and bizarre and strange.. And I personally think there's going to be a lot of effort to make changes which are even more fascist/totalitarian. On the bright side though.. Some of the comments really gave me hope actually.. People saying stuff like.. The government is getting desperate, they're dying and this is one of their death throes basically to try to stop the incredible loss of power they are starting to experience. Here's a few. "They are making money hand over fist in the old system. This is an effort to kill the wealth transfer, and keep the control they have." "I can't fucking wait for the dollar to go into hyper inflation. It will be a modern revolution, a true re balancing of power back to the people. And you know what, I don't think that the power will ever leave the people again afterwards, due to the implications of continued developments in decentralized tech and what that means for the possibility of a decentralized direct democracy of the future. The most exciting time of the century is coming, and I'm proud to be a part of it." "I will not do their job for them and have to pay for it. If they think I owe them taxes they are the ones that are going to have to prove it. I refuse to be a slave and bullies get their ass beat when they pick on everyone. They laughed at crypto years ago and now they want to profit from it when it has been proven successful? They can write in a little book and try to make everyone obey but the truth is they are extorting the entire country, just like the police do. I think its going to be time to leave this God forsaken country because it seriously looks like its going to hell. They are not for the people they are against the people, and stealing part of your paycheck before you even have access to it is proof of that, it's called theft." So.. This is very fascinating to me, I've been a part of a lot of movements.. But this is a bit different.. What can the government really do to stop this? You'd think they would have done something already if they could! Which makes some of us think they can't! Bitcoin started in the black market.. If they try to make it or other coins illegals, it will likely just make these coins even more valuable and powerful! Relegating things to the black market rarely EVER works, especially if those things are beneficial to the people like medicine, or money.. I think the digital money front might literally be the crux that sort of pulls all resistance movements together to resist authority. People don't wanna lose their money or this technology, both of which can extend into virtually every other sphere to be beneficial which is one reason WHY money is so desperately controlled and manipulated, it's one of the most powerful things! If the government really starts getting restrictive with legislation towards digital money, I could absolutely see protests and marches in the street and things like that much more powerful than from other movements in the past. We can get in the streets and gather about anti war, or 9/11 truth, or animal abuse, or the various other important issues and I'm sure they don't like it, but if we get together in mass to proclaim independance from their money system.. They're going to fucking shit their pants. I don't think they want to see a crypto revolution moving to the streets. I think that's why they haven't done more to address this, cause.. If they bring more attention to it, it gets worse for them.. Though in time as more people become aware of it.. It also gets worse for them, lol.. So.. They're kinda in a tricky position. UNLESS... This was technology they put out into the market in the first place, which is possible.. However.. It really doesn't seem like it because it's positive elements are so beneficial.. It could likely wipe out much if not most of their power. So.. Why would they? It's sorta like asking why release the internet? They basically are putting out technology that might render them useless. Or perhaps.. They just couldn't keep it down and hidden anymore? So.. They try to ride the wave and guide and control and steer things, yet.. I think perhaps this crypto wave was even a bit more difficult than they imagined it would be. Especially combined with the internet wave. Time will tell what happens.. However.. This is encouraging and exciting and positive news in my opinion for liberty and humanity and love and good things. :) https://www.youtube.com/watch?v=q5VCq3pX3ys
author | apolymask |
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permlink | what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general |
category | steem |
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Thanks! I know this video would really help me out 👍
author | bitton |
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permlink | re-apolymask-what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general-20180101t231116912z |
category | steem |
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@apolymask sir.. SBD peg to $1, this is what I heard, so we got a bonus and we enjoyed it by current price up! Anyway when it drops, it will little hurt, but with a clear mind I know it will happen anytime, so I was collect SBD, covert them to STEEM or other and prepare for the future! Anyway I have faith on SMT, sometimes we will get another bonus again... Wel done sir...
author | dini1 |
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permlink | re-apolymask-what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general-20180102t004552847z |
category | steem |
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You will be surprised to know that Indian Government is comparing the bitcoin with ponzi schemes and making the strict laws to trade the cryptos.
author | rocksg |
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permlink | re-apolymask-what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general-20180102t222335743z |
category | steem |
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I have seen discussions within fellow early adopters transition from not whether this will work as a currency; the way governments have treated their responsibility of minting currency has ensured that, as you said, the market will find a way. The conversation has changed to what nations will demonstrate the least aggression toward the way they chose to live, however "alternative" to the "mainstream". The explosion that occurred with internet may come to be but a blip in the way that it progresses not only commerce, but global communication that can choke out deception when trust is no longer a human interaction but a mechanically verified constant. This will certainly spur rapid social evolutions; are political boarders safe when establishments can be circumvented in so many ways? We are all interested to see what will happen with larger mainstream adoption. My best strategy that I can see, as a tech and econ outsider, with regards to the uncertainty with taxes, has been to not trade back to fiat until there is better understanding of what the actual tax code will be. I'll just mess it up if I try to fiddle too much! haha
author | thisismework |
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permlink | re-apolymask-what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general-20180101t234214607z |
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I am no expert of course but I like to try and keep things as simple as possible. Taxation is or should be voluntary. In the UK at least we are asked to pay income tax, tax on our income. As far as I understand it, income is taking anything and selling it on for a profit, without adding any value. For example, if you buy 1 steem for $1 and then sell it on for $4, you haven't added any value and would be liable to pay tax, ***IF*** you volunteer to abide by the rules that are set by the Law Society. If you do not consent then you are not liable. In terms of posting, receiving rewards and then cashing those rewards out, you added value to the steemit platform and blockchain and were rewarded, thus there is no 'income' and no liability. It is called Income Tax for a reason, not earnings tax or labour tax. Again, if you choose to pay tax on it that is your 'choice', At least that's my understanding. The Laws referred to are statute laws and only enforceable by consent of the governed. *Not legal advice though. :)
author | tonyr |
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permlink | re-apolymask-what-is-your-understanding-of-taxation-in-regards-to-crypto-and-some-more-of-my-thoughts-on-steem-and-crypto-in-general-20180102t005340592z |
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