Well yeah but I'm not reporting. Imagine had I lost that much. Would IRS let me carry the loss? My stance is set and the IRS can kiss Obama's ass. No 1099 reporting means IRS has no way of knowing. If they want to waste their time with audit then that's fine with me. I made $240 buying and selling 4 btc today between 9:45-1:45. Its like taking candy from a baby. Now I can drink and chill for the rest of the day.
its very very easy. coinbase.com or bitstamp.net. These are the two most popular exchanges. Here is an article stating the difference.
I agree it can be a bit complicated if you aren't tech savy. Coinbase seems to be the most user friendly and secure, that's what I use.
They'll let you carry the loss to offset gains. Amazing what people admit to on public message boards.
It's pretty sad that so little volume moves the price so much. Also, Commodore people bought treasuries today too.
I guess have fun with not reporting it. I do think you are correct that there is very little way for the IRS to pin down profits from trading bitcoins. I wish I could trade them at my office lol. That would be fun. BTW I would have stayed long bitcoin. I think you left a lot on the table. That was a nice breakout from the downtrend line. Got a good chance to run to 800 or so.
I'm a CPA... I'll get a notice telling me the IRS has no 1099-B for the amount of proceeds I reported and I'll have a headache dealing with those clowns to get my losses in order. Forget about it! Yeah use coinbase and verify everything to get instant transfers. Otherwise you'll have to wait 3-4 days for the coins to show in your account.
Seems like with any currency, it all comes down whether or not people trust it. And therein will lie the rub. How can you trust it if there's no regulation or centralized structure. Seems like for the same reasons that Governments exist, and a National Bank formed, this bitcoin too would need oversight, therefore defeating the point of it. I almost see it as the world forgetting about all of the problems that were inherent before, and falling into same traps that existed before. Can you loan or borrow Bitcoins? Seems like this is one of the driving forces of any economy, notably the American Economy, and where the power of banks is employed. It allows folks to conduct business on timelines otherwise inhibited.
Doesn't coinbase require that you give your online banking username and password? I have heard good reviews about it in general, but I just thought that was a little concerning at first glance.
The beauty of bitcoin is it doesn't require trust in any person or institution. You only need trust the algorithm. http://detlevschlichter.com/2014/02/bitcoin-has-theory-and-history-on-its-side/
its comes down to trusting the fundamental mathematical science of how bitcoin was created, is transmitted, and exists.. the mathematical reality of it.
you can say the federal reserve and our current global fiat system has a mathematical scientific explanation for it.. and it does have a sound, although precarious, basis. bitcoin has really simple mechanics, in comparison. It is straightforward and it can be proven on the basis of just math and science. The lines of code and algorithms have no intrinsic value themselves. The value of bitcoin arises from its intrinsic (scientific) attributes which offer us advantages in the extrinsic world. So yes by itself, in a vaccum, bitcoin is worthless. But put it in our current global, political, economic scheme of how things are and could be, and suddenly its pretty valuable.
