Practical Concerns of Hodling for the Present & Future: Security, Financial Decisions, Etc


#41

This is quite invaluable info to me, I tend to bowl through life assuming nothing bad will ever happen (it does of course,) and not thinking too much about most things. This thread made me think a bit. ARGHHH IT HURTS…must blank out the thoughts…urggghhh…pain…:crazy_face:


#42

I mentioned OPSEC above, so a bit more on that now. This means Operations Security, basically how you handle secure information that would be problematic or worse if someone less than honest or an adversary were to get their hands on it.

As they said during WW2, “Loose lips sink ships!”

The Wikipedia description:

A more practical application of the concept:

https://www.tripwire.com/state-of-security/security-data-protection/opsec-everyone-not-just-people-something-hide/


#43

Hahaha, I know the feeling.

I’m glad it got you thinking, that’s what I want most from this thread. Thanks for sharing! :+1:


#44

From the team:

Edit: Although it’s not showing up, this one was about not posting the email adress you use for the mobile app on the public forum as this can compromise your security.


#45

More from the team, be aware:


#46

Don’t be like these guys with your PINs and Passcodes:

Some Friday fun! :stuck_out_tongue_winking_eye:


#47

Anyone here from the US and filing your taxes?
Care to discuss how you are reporting your trades.


#48

I am also interested in this, thanks for bringing this up again @electromooneum. :grin:

There’s been a few court rulings, but no changes to the tax law regarding crypto that I’m aware of. Our government also made an example on coinbase, going after anyone who cashed out over $20k USD and didn’t pay taxes.

There were statements made about documenting all trades when the prices were higher (as they could collect more “revenue”) but has since gone quiet.

Am I missing something more recent?


#49

I didn’t claim anything. No capital gains to claim yet.


#50

I think the tax laws changed for 2018 making every trade a taxable event, that means reporting all trades whether you cashed out or not


#51

Hmm, then I missed that then. I’ll take a more in depth look into it later on, and report back here.


#52

Very weird. I guess it could be reported as a loss


#53

But losses would never be taxable. Just written off i would think


#54

Another reason why they’re quiet about it at the moment. Remember it is called the Internal “Revenue Service.”


#55

Good call @Dr_Jan_Itor


#56

I’d imagine a bunch of people who jumped in during the last bull run could be filing a capital loss this year.

My only thoughts on that are, if you file a loss for 2018, you’re even more on the hook for capital gains if/when we have them for 2019.

Edit: I should clarify here, we ‘Mericans are all on the hook for ALL capital gains every year. Filing a loss this year provides evidence of your holdings, leaving documented written evidence, to be justified in the event of gains the next year. You can bet they’ll be quick to follow up with you in 2020, if those gains are neglected from reporting.

Disclaimer: I am not a certified tax professional, and this is not tax advice. I have a guy for that. (Who like most, don’t know jack squat about crypto. I’m looking forward to ETN leading the way to make this process simpler.)


#57

For most people i think the the issue is the trades between one coin for another like we have to buy BTC the get ETN so what was the price of BTC when you purchased it verses the price when you exchanged it for ETN, if the price of BTC went up then you would have to pay tax on the profit


#58

I’m in the process of downloading my trading history. I’ve downloaded it from Coinbase, Kucoin makes it a bit harder as they limit how many reports you can create per day and you have to create a report for every month you have made trades because they won’t let you download all your trading history in one report.


#59

I agree. I thats why I didn’t file any losses!!


#60

For once, I like the uk tax system for crypto. We only pay capital gains when we convert back to fiat.

Seeing the debit card video yesterday, I wonder if I’ll ever need to convert my ETN back to fiat?? Especially with some of the anticipated announcements in the coming week :slight_smile: