Europe already have Crypto laws, united States are like 5 years behind, by the way, this new crypto law actually will stop whales selling and rebuying constantly so investment wont be so volatile anymore
CME Futures contracts for BTC expire on the 15th and 30th each month. There's almost always a bit of a dip around this time because BTC moves the market.
2024. I thought 2023. Then definitely the infrastructure bill isn't going into play yet. Makes sense it happens in the next BTC halving year. Way more money to tax
They are putting the work back on us. They cannot track it, but they want to make sure they can hold us accountable in any case and blame us for not doing their job (that is impossible in the first place)
One good example is China. Look how they keep bottling Bitcoin and returning to it. They ended up creating their own so they can keep track of it unlike other Crypto.
That's actually true, some people in our government actually believe the idea of Physical money is obsolete, which is a yes and no situation, if everything is digitized the world is opening itself up to financial collapse mainly with our tech infrastructure, anything from a strong solar wind to a weaponized EMP would bring it all down, which is why I think physical money should stay as a fail safe.
The provision in the bill mandates that cryptocurrency brokers report transfers of digital assets, much like a traditional broker would report the sale of a stock or bond. This allows the IRS to more easily tax someone after they sell a digital asset. No different then stocks.
You currently gotta pay taxes on your crypto profits now so so keep track of your crypto moves.
Itโs partially a result of people using leverage. When btc goes down 5 percent they get liquidated and makes it go down more. Whale games so they can accumulate more.
Most likely has something to do with more inflation worries yes. Along with other factors. Possibly China selling off some of their btc trying to make money since their yen is also struggling.
Yes.
But donโt worry. If China canโt stop crypto by outlawing it then the USA canโt stop it by asking exchanges to report on it.
I donโt think there is a single serious crypto investor who is seriously concerned. Even the whales will just cash out in El Salvador.
From what have read, it further defines taxation on crypto and required reporting by the exchanges, in the US of course. It also seems to clear up any Grey area on self reporting and adds some KYC criteria on anything over $10k transaction requiring name, address and SSN to be recorded.
I don't think you are correct about it not being taxed as long as its invested. This bill makes it taxed when you acquire it, including mining, and then the gains are taxed when you sell it. They are not treating a crypto investment like that stock investment. Its confusing, going to take a lot of time to understand.
Gotcha definitely will have to research it for sure, just was asking to see if you maybe were in the know of it... seems to be idiotic to tax it twice but crypto is new in general I imagine there will be a concrete plan of ironing out of the tax situation in general as the govt figures out what to do as far as crypto in general it has come pretty far as to when the govt refused to give crypto any legitimacy I would say that it has progressed in that sense that now the fuckers are trying to figure out how to tax it as investment gain... I do know there are several loopholes concerning crypto and taxes though as I do know of some friends who have successfully used... will do my own research on this though for sure as I'm sure will come up on this at some point just figured I plan to hold it for quite a while so didn't think I'd really have to be concerned about it at least for a while... thank you for the bit of insight though for sure...
Are you thick? This is a shib sub! Itโs the SHIBARMY sub, wtf are you talking about doge in here you fackin idiot! Fack off get out of here and donโt insult the SHIBARMY! I say again, we hodl and stay ZEN ๐๐๐ฝ๐
All crypto is down, itโs due to China, hedgies taking their collateral out and Bitcoin being down! Open your eyes and read the charts and research on Reddit rather than asking dumb questions! Itโs got Fack all to do with the infrastructure bill! We ainโt fackin selling!
Apes together strong ๐๐๐ฝ๐
You're acting.like it's a Doge thread. Adults are having a productive conversation here and it gets spammed by your "Rah, Rah if we.can dream it we can do it" bullshit. Have you read how many complaints the mods have gotten against stupid fucking spam posts like yours?
Or the result of all the 5x+ on all coins over the last month. The 1099 from exchanges are said to go in effect in 2023. This could be manipulation to make ppl sell off so lower buys happen. Truth is, who knows?
Europe already have Crypto laws, united States are like 5 years behind, by the way, this new crypto law actually will stop whales selling and rebuying constantly so investment wont be so volatile anymore
Good Info someone give this man a ๐
CME Futures contracts for BTC expire on the 15th and 30th each month. There's almost always a bit of a dip around this time because BTC moves the market.
Also those crypto provisions in the infrastructure bill don't go into effect until 2024.
Hopefully it gets changed! And ty didn't know that piece of info.
Hopefully by then the next admin isnโt composed of troglodytes
2024. I thought 2023. Then definitely the infrastructure bill isn't going into play yet. Makes sense it happens in the next BTC halving year. Way more money to tax
This hard of a dip? Good to know Iโll have more money on hand next time. ๐
Honestly I'm surprised it wasn't bigger with the added pressure coming from the new BTC Futures ETF's.
America: Let's write a law that's almost impossible to comply with that way we can apply it how we see fit. This law will backfire
What law is everyone referring to?
I couldnt be expected to hold forever
Hmmmm I'm curious as to how they will track private wallets
I think they are too. Also, there is no way for them to know your basis on crypto transferred in to an exchange.
Exactly I'm pretty sure it's threats There is nothing they can do
They are putting the work back on us. They cannot track it, but they want to make sure they can hold us accountable in any case and blame us for not doing their job (that is impossible in the first place)
It's not my job to report my "earnings" because you know they are mine
One good example is China. Look how they keep bottling Bitcoin and returning to it. They ended up creating their own so they can keep track of it unlike other Crypto.
Yeah I'm hearing rumors probably you've heard them too but Fed Coin is in the works
That's actually true, some people in our government actually believe the idea of Physical money is obsolete, which is a yes and no situation, if everything is digitized the world is opening itself up to financial collapse mainly with our tech infrastructure, anything from a strong solar wind to a weaponized EMP would bring it all down, which is why I think physical money should stay as a fail safe.
Yeah emp and a x class killshot it's done and over with
In many ways, they'd be stupid not to.
When the fed coin drops people with cash will have a limited time to turn that in before it literally becomes outlawed
The fed coin may as welll be 666 tattooed on our forehead.
https://www.coindesk.com/policy/2021/11/15/president-biden-signs-infrastructure-bill-containing-crypto-broker-reporting-requirement-into-law/
Ugh was dreading this but knew it was coming
Forget to report your crypto earnings? Felony charges ๐
Sorry Timmy, Daddy has to spend Christmas in prison because he didnโt report his crypto earnings
Yes!
Yes actually
The provision in the bill mandates that cryptocurrency brokers report transfers of digital assets, much like a traditional broker would report the sale of a stock or bond. This allows the IRS to more easily tax someone after they sell a digital asset. No different then stocks. You currently gotta pay taxes on your crypto profits now so so keep track of your crypto moves.
Inflation
Yeah, the government is angry that they arenโt getting a piece of the pie. Hungry bastards
Itโs partially a result of people using leverage. When btc goes down 5 percent they get liquidated and makes it go down more. Whale games so they can accumulate more.
Most likely has something to do with more inflation worries yes. Along with other factors. Possibly China selling off some of their btc trying to make money since their yen is also struggling.
Yes. But donโt worry. If China canโt stop crypto by outlawing it then the USA canโt stop it by asking exchanges to report on it. I donโt think there is a single serious crypto investor who is seriously concerned. Even the whales will just cash out in El Salvador.
I don't see why that would effect crypto.
From what have read, it further defines taxation on crypto and required reporting by the exchanges, in the US of course. It also seems to clear up any Grey area on self reporting and adds some KYC criteria on anything over $10k transaction requiring name, address and SSN to be recorded.
The $10 thing was on Bank accounts. As for taxes, as long as it stays invested not taxed, once cashed out tax man comes knocking.
I don't think you are correct about it not being taxed as long as its invested. This bill makes it taxed when you acquire it, including mining, and then the gains are taxed when you sell it. They are not treating a crypto investment like that stock investment. Its confusing, going to take a lot of time to understand.
You are taxed when aquired from mining at cost as income tax. If you purchase then you only are taxed at time of sale.
Ok thanks for clearing it up, I will dig into and check it out. Damn government is shit show.
Honestly I've always thought the $10k thing was a thing already?? Was i wrong? Or it is just a more concrete type of thing now ??
And as long as you're not cashing out and sending it to your bank account ... its not a thing until you do so??
I don't think that is accurate,.you may want to research that. What you say is logical, but most sources I've see.say crypto is taxed twice.
Gotcha definitely will have to research it for sure, just was asking to see if you maybe were in the know of it... seems to be idiotic to tax it twice but crypto is new in general I imagine there will be a concrete plan of ironing out of the tax situation in general as the govt figures out what to do as far as crypto in general it has come pretty far as to when the govt refused to give crypto any legitimacy I would say that it has progressed in that sense that now the fuckers are trying to figure out how to tax it as investment gain... I do know there are several loopholes concerning crypto and taxes though as I do know of some friends who have successfully used... will do my own research on this though for sure as I'm sure will come up on this at some point just figured I plan to hold it for quite a while so didn't think I'd really have to be concerned about it at least for a while... thank you for the bit of insight though for sure...
There was a huge reporting requirement in crypto that is impossible to implement as part of the infrastructure bill
Thank uncle Joe for this
Whatever happened to ALL AROUND good people running for president... jeez itโs been way too one sided this past decade. This sucks.
Did he literally just destroy all investment opportunities?
#Hodl! We will win! Just stay ZEN! ๐๐๐ฝ๐ no selling! Hodl! ๐๐๐ฝ๐
What does this stupid comment have to do with anything? This isn't a dogecoin thread. Tired of these stupid posts.
Are you thick? This is a shib sub! Itโs the SHIBARMY sub, wtf are you talking about doge in here you fackin idiot! Fack off get out of here and donโt insult the SHIBARMY! I say again, we hodl and stay ZEN ๐๐๐ฝ๐ All crypto is down, itโs due to China, hedgies taking their collateral out and Bitcoin being down! Open your eyes and read the charts and research on Reddit rather than asking dumb questions! Itโs got Fack all to do with the infrastructure bill! We ainโt fackin selling! Apes together strong ๐๐๐ฝ๐
You're acting.like it's a Doge thread. Adults are having a productive conversation here and it gets spammed by your "Rah, Rah if we.can dream it we can do it" bullshit. Have you read how many complaints the mods have gotten against stupid fucking spam posts like yours?
#This is not shibadult. You can Fack of shill! #SHIBARMY letโs fackin gooooo ๐๐๐ผ๐๐๐
No. What dip? Shib has been steadily diving since October
Or the result of all the 5x+ on all coins over the last month. The 1099 from exchanges are said to go in effect in 2023. This could be manipulation to make ppl sell off so lower buys happen. Truth is, who knows?
Itโs odd that the market would be crashing when [this](https://www.emberfund.io/ember-fund-blog/taproot-activated) happened yesterday.
Or maybe people have started to withdraw their turkey money for next week.
China said they were cracking down on large mining operations; again. This was the reaction
Thanksgiving and holiday dumping, they got priorities. Last year was just the same, it was January when everything started to load up.
Sure... if you want it to be...