Just made my first transaction! So from what I can gather is we are responsible for tracking our gains and losses for tax purposes?
Dang, I thought I had it bad. I wanted them to answer a simple question before I opened an account, so I emailed them back on November 29th. I just got the following automated response an hour or two ago. From googling, others are apparently in the same boat. Needless to say, I'm not opening an account there anytime soon : Due to an unprecedented amount of growth in a relatively short amount of time we're experiencing a longer than usual wait time responding to and resolving your requests. This wait time has also increased the number of duplicate tickets entered on the same issues, further slowing down our agents ability to get to your request in a timely manner. We apologize greatly for the wait and we are actively training new personnel and streamlining our support system to better handle the demand. You are receiving this update as we've identified your ticket as having not received the care and attention typically seen from Bittrex Support. We are grateful for your support and understanding as we work to improve our process and respond to requests. ** WE ASK THAT IF YOUR ISSUE HAS NOT ALREADY BEEN SOLVED THAT YOU REPLY TO THIS EMAIL OR UPDATE YOUR TICKET AT xxxxx. ** If your issue has been solved you do not have to do anything. We will send you a reminder in a few days and if we do not hear back from you we will close this ticket for you. We understand that waiting can be frustrating and we appreciate your patience and understanding while we scale our support team to handle the increased demand. Best Regards, Bittrex Support Team @ Bittrex Follow us on Twitter @ https://twitter.com/BittrexExchange
To the people that were asking about IOTA and leaving it in the exchange. Currently I have it in Binance myself because of the amount of traffic they have suspended the withdrawals so I can't take it out but sometimes when it slows down it gets better. The wallet that is out now does have some quirks to it and it's just because it's not very user friendly on some aspects. If you are just depositing into it you won't have any issues. It's when you take money out you have to make sure you make a new address before depositing again. As mentioned earlier, they are working on their latest one and it should be out soon which should alleviate the problems with the addresses not automatically changing. It definitely has been a wild ride with IOTA...i had hopes for it, I didn't realize it would start jumping this fast.
Stack, same line of thinking here. Eventually, if we are not trading IOTA, we will need to figure the wallet issue. Like you, while I appreciate the ups and not so much the downs, I don't care what it is trading now. The time to sell some will come, just not yet.
"Speculation is still at the heart of all cryptocurrency investments and we may still be years from seeing the technology behind IOTA being used to its full potential. However, if it fulfils even a fraction of that potential, there’s almost no limit to how big IOTA can get." https://nichehunt.com/iota-is-exploding-in-a-way-that-could-only-be-compared-to-ethereum/
Every honest person will tell you they have absolutely zero idea, the crypto market is in its infancy and things can go both ways. Everything is pure speculation right now.
That answer is honestly what every single shill will tell you to hype his coin, no matter what crypto. While true in theory, it is a total gamble as no one knows how this market will develop. Just remember that there are thousands of cryptos, there's absolutely zero reason for too many of them to grow at the current pace and to end up with an actually used product. Each one has multiple competitors who will eat away their margins etc, same with IOTA. In the end, there's simply no need for an abundance of cryptos, so only very few will win out.
Well this totally depends on your reasons for looking at IOTA. If you truly believe in this coin long-term and want to hold, the current 5.34$ are surely not your end goal and you're looking at much high prices. For that reason, even a 30% correction wouldn't make too much difference for your initial investment and there'd be little reason to wait for a correction that may never happen. If you're a very active trader on the other hand, I'd say the recent growth has been far too large to be sustainable and it is up for correction soon. But again, this is about probabilities and there might never be a real correction, so you can possibly miss out on a good entry and will regret it later.
Yes, every single trade you make on an exchange is a tax event. Also, when you withdraw money from an exchange and put it in a wallet, the exchange doesn't know the purpose and has to record it as a tax event. Therefore, you have to make your own record of the transaction to prove that you didn't sell.
I really want to buy some iota but I currently only have a passport and not a ID. Can anyone help me on how to buy some please
For those newer faces here -- I would strongly recommend you setup a stop-loss to lock in profits. I got in to this space shortly before LTC and ETH went crazy -- thought it was best thing ever. Then the alt wedding happened and virtually every alt bled to death for a few months. I wish I would've been smart enough to have S/L to lock in my profits when everything was green.
This is good advice however it should be recognized as a tool. If one is going to day trade, they really should understand the market. There is also the tax implication. If one is holding it for the long term, the long term capital gains restarts on any transfer, not just a trade. I expect the IRS will only consider long term capital gains if the currency stays in a single wallet for the entire duration. In other words, if you have a bitcoin in coinbase for 6 months, then transfer to it your trezor wallet for security and then try to liquidate 10 months later back through coinbase, it may not be recognized as a long term capital gain. If you are someone who is doing this as a long term investment, I highly recommend you create a specific wallet for that asset and do not do any transferring out of that wallet until you are looking to liquidate. The IRS will not screw around on this.
I don't think this would be the case for transfers. The IRS doesn't distinguish between BitCoin or Apple Stock or a piece of art- they are all treated the same. You can move Apple stock from brokerage to brokerage without incurring a tax event, and you can move your piece of art all around the world the same. I don't see why moving your Bitcoin around would be treated any differently.
This is how it is handled to my knowledge and what I've described here a couple of times. The exchange has to treat it as a tax event because they don't know whether you're selling, so it's necessary for everyone to keep their own records to prove they only transferred to a wallet.
I only say this because with any other asset, the ownership is identified. Even though you transfer your stock from brokerage to brokerage, that account is always identified. That is not the case with crypto. If you move your crypto from wallet to wallet, specifically to wallets located on foreign exchanges or non fiat exchanges, the IRS has no way to track who the owners are. And once it hits a non fiat exchange and you start trading through private coins, you can day trade all day long w/out tax implications. I just suspect the IRS is going to be pretty picky differentiating between regular gains and long term gains.
Any Bitcoin miners out there? Which pool do you use? What's the difference between them all? Also, which wallet do you all use?
