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Crypto currency vs. traditional banking

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Accounting Today:

Crypto tax-reporting changes may lead to IRS crackdown
By Michael Cohn September 13, 2021, 4:42 p.m. EDT

"The bipartisan infrastructure bill includes requirements for brokers to report their customers’ cryptocurrency gains to the Internal Revenue Service, but exactly what constitutes a broker is stirring controversy.

"As one of the ways to help pay for an estimated $28 billion of the $1.2 trillion in infrastructure spending, congressional negotiators included a provision requiring information reporting on the names, addresses and gross proceeds of cryptocurrency transactions by brokers. The crypto industry tried to lobby Congress to narrow the provision so it wouldn’t also apply to technology companies involved in the crypto industry, as well as cryptocurrency “miners” who use their computer power to solve complex mathematical problems to process the currency, but they were unable to win changes in the version of the bill passed last month by the Senate (see story)."
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Wish I'd bought LTC around 12:00 today, then sold around 12:05... :rof: :rof:
I can't wait to see who was responsible for that bit of reporting, CNN and MSNBC couldn't have mucked it up any worse than that. :)
Accounting Today:

Crypto tax-reporting changes may lead to IRS crackdown
By Michael Cohn September 13, 2021, 4:42 p.m. EDT

"The bipartisan infrastructure bill includes requirements for brokers to report their customers’ cryptocurrency gains to the Internal Revenue Service, but exactly what constitutes a broker is stirring controversy.

"As one of the ways to help pay for an estimated $28 billion of the $1.2 trillion in infrastructure spending, congressional negotiators included a provision requiring information reporting on the names, addresses and gross proceeds of cryptocurrency transactions by brokers. The crypto industry tried to lobby Congress to narrow the provision so it wouldn’t also apply to technology companies involved in the crypto industry, as well as cryptocurrency “miners” who use their computer power to solve complex mathematical problems to process the currency, but they were unable to win changes in the version of the bill passed last month by the Senate (see story)."
I don't know how they're going to get the miners in 3rd world counties, especially where there are no extradition treaties. It's not so much about the law, right or wrong, it's the feds just wanting to grab someone's money, the fact that they can't do it easily must frustrate the hell out of them. :)
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota

CBDCs, Stablecoins & Crypto Can Disrupt Traditional Finance – Moody’s

only a single cryptocurrency needs to succeed “in order to reshape the landscape.”

 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Just this morning I was reading Charles Schwab's analysis of Bitcoin....and one of their points was that if the regular stock market went down, Bitcoin and its friends are likely to decline more. (So much for it being a store of value).

Today in the WSJ and the most recent selloff because of the 3% drop:

WSJ 9/20/21:
"The world’s largest cryptocurrency was hovering at about $43,950 in early-afternoon trading, down 6.5% from 5 p.m. ET on Friday, according to CoinDesk.

Other digital currencies tumbled too. Ether dropped 8% over the same period, while dogecoin slid 11%. The selloff extended to crypto-linked stocks such as exchange operator Coinbase Global Inc., COIN -4.79% whose shares fell 5% on Monday."
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Elliot it’s what the purple haired geeks with tats and rings in their noses call a dip, a good time to buy crypto. I’m sure you Wall Street types have more technical terms for it. It all began happening early this morning. https://cryptonews.com/news/bitcoin...ocks-on-chinas-evergrande-spillover-risks.htm

You’ve shown a lot of interest in Bitcoin, this week would be a good time to jump in the water. Dow, Nasdaq and S & P are all down today, but my stock bag is up, all long term stocks, only my crypto is down. I bought some Ripple this morning, not the beverage, the XRP crypto. I also did some major shifting within my IRA, sold Bitcoin and bought link, yearn and litecoin. I like crypto, it’s legal, I make money and most importantly, it keeps me off the streets. :cool:
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I’m researching how to hide crypto from intrusive confiscators. Recently several government agencies have ramped up their efforts to monitor all personal bank accounts and crypto accounts. This is one small move of many. https://cryptonewspipe.com/2021/09/...eal-with-us-government-even-after-sec-alarms/

I’m stashing some Monero, but would like to have others where they can’t be seen, Cayman Islands style if you will. An old drinking buddy who was a builder gave some tips on how to do it with dollars, but that method no longer works. He did it to hide money from his ex wife during a very nasty divorce. Parts of it were quite comical. When she was gathering evidence on him, she hired a private detective and they got photos of him riding around with his secretary on a jet ski, she was birthday nekkid and they were all smiles. He was upset about the tactic and the accusation, he loudly stated she wasn’t even naked like the documents stated, she had her bikini bottom on and the guy with the camera manipulated the shot. He didn't dispute the absence of the other part of the bikini. :) Details like that are important I guess. Little did he know his wife had several different pool guys on her list while he was jet skiing all over. Those 2 were like the couples on that show Desperate Housewives. Once he went rogue, I didn’t keep up with him any longer.
 
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