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SOOPOO
SOOPOO
Joined: Aug 8, 2010
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June 11th, 2021 at 3:14:29 PM permalink
Quote: AxelWolf

It may be a valid point if someone wants to claim it a good investment or not. Hasn't there been other recognized currencies that have lost tons of value over the last 5 to 10 years? Just because they have fluctuation, do we get to claim they are not a currency?

Assuming all goes to plan in El Salvador after 90 days, or whatever, will bitcoin be a currency, Yes or No?



I think it will fit the definition of a currency. But who cares if it is a currency in El Salvador? Next week when I’m in Vegas and you are buying me and my wife drinks, I bet you will use $$ and not BTC!
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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June 11th, 2021 at 3:19:41 PM permalink
Quote: EvenBob

It would give me the accepted currency of that country. You really have no idea how Visa works do you



Having used an ATM in literally dozens of countries, many offer the choice of US dollars OR the country’s own currency. In Jamaica I took out both from the same ATM with the same Visa Bank Card.

This whole argument is just words…. Bob I believe is correct that no store will be required to accept BTC. So what?
OnceDear
Administrator
OnceDear
Joined: Jun 1, 2014
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June 11th, 2021 at 3:32:42 PM permalink
Quote: EvenBob

If you traded your Beanie Baby collection for a collection of something else that more is valuable you are supposed to pay income tax on the difference.

Not Capital Gains Tax? It would be CGT in the UK. Pretty sure the same is true for the US..... UNLESS you were trading them as a reselling business.
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
billryan
billryan
Joined: Nov 2, 2009
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June 11th, 2021 at 3:37:38 PM permalink
Quote: OnceDear

Not Capital Gains Tax? It would be CGT in the UK. Pretty sure the same is true for the US..... UNLESS you were trading them as a reselling business.



A regular seller would list them on a Schedule, which is an add on to the 1040 forms, deduct their expenses and be taxed as normal income, as I understand it. I think it is Schedule C , but it might be Schedule D. It's been a few years since I did my own taxes.

I am not sure how a person who did a single sale would report it, I've never been in that boat.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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June 11th, 2021 at 3:59:47 PM permalink
I think Coinbase won't report you to the IRS unless you have 200+ transactions totaling $20,000+. Kind of hard avoid when you cash out on the daily.
billryan
billryan
Joined: Nov 2, 2009
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June 11th, 2021 at 4:10:40 PM permalink
Quote: ChumpChange

I think Coinbase won't report you to the IRS unless you have 200+ transactions totaling $20,000+. Kind of hard avoid when you cash out on the daily.



I know nothing about Coinbase but those are the figures eBay, and I believe Paypal, are using for 2021. In 2022, it is lowered to $600.
EvenBob
EvenBob
Joined: Jul 18, 2010
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June 11th, 2021 at 4:14:31 PM permalink
Quote: darkoz

So you admit you don't know what you were talking about finally?



I have been right on the money every post on this subject going back to the very first post I made 7or8 years ago.
That's what irks you guys is I was absolutely right on with my very first post on bitcoin. That it's a scam that it's a scheme that it will never be accepted currency in any country that matters.
"It's not enough to succeed, your friends must fail." Gore Vidal
EvenBob
EvenBob
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June 11th, 2021 at 4:16:13 PM permalink
Quote: SOOPOO

I think it will fit the definition of a currency. But who cares if it is a currency in El Salvador?



They are so desperate for stability in El Salvador they would use baseball cards for currency if they can make it work.
"It's not enough to succeed, your friends must fail." Gore Vidal
EvenBob
EvenBob
Joined: Jul 18, 2010
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June 11th, 2021 at 4:20:01 PM permalink
Quote: SOOPOO

Having used an ATM in literally dozens of countries, many offer the choice of US dollars OR the country’s own currency.



As long as it's an accepted currency.
"It's not enough to succeed, your friends must fail." Gore Vidal
EvenBob
EvenBob
Joined: Jul 18, 2010
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June 11th, 2021 at 4:21:20 PM permalink
Quote: OnceDear

UNLESS you were trading them as a reselling business.



That's all I did was trade to resell
"It's not enough to succeed, your friends must fail." Gore Vidal

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