How to Prepare Your Bitcoin Tax Filing - Investopedia

Wall street: Sell your BTC (/facepalm)

Wall street: Sell your BTC (/facepalm) submitted by denkomanceski to CryptoCurrency [link] [comments]

A guide on crypto tax loss harvesting

Engaging in tax loss harvesting with your cryptocurrency assets is one of the single most effective ways to reduce your tax bill for the year. It’s no secret that cryptocurrencies are extremely volatile. This and a number of other characteristics make it an unusually effective candidate for tax loss harvesting strategies. This guide outlines what tax loss harvesting is, how you can use it to reduce your bitcoin and crypto tax liability.

Tax Loss Harvesting - What Is It?

Tax Loss Harvesting is the practice of selling a capital asset at a loss to offset a capital gains tax liability. By realizing or “harvesting” a loss, investors are able to offset taxes on both gains and income. This is a tax reduction strategy commonly used in the world of stocks and securities.

An Example

John buys $1,000 of Apple stock and $2,000 of Tesla stock in a given year. While holding these investments, the value of John’s Apple stock rises to $1,500 while Tesla drops to $1,700. John sells all of his Apple stock for $1,500.

Without Tax Loss Harvesting

Without harvesting his losses in Tesla stock, John has a $500 capital gain for the year from the sale of his Apple stock. John pays taxes on all $500 of this capital gain.

With Tax Loss Harvesting

Rather than continuing to hold his Tesla stock, John can harvest his losses in Tesla by selling before year-end. Capital gains and losses get summed together for the year resulting in either a net gain or loss. John’s net capital gain is now only $200 for the year ($500 - $300). In this scenario, John only pays taxes on $200 of net capital gains rather than $500.

Tax Loss Harvesting With Cryptocurrencies

Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell/trade crypto to harvest losses and reduce your tax liability. Unlike stocks however, cryptocurrencies have unique characteristics that make them even better candidates for tax loss harvesting. We discuss these below.

Wash Sale Rules

A wash sale results when you incur a capital loss, and then buy the same security back within a 30-day window before or after the capital loss is incurred. This rule is designed to prevent investors from taking capital losses in one year and then immediately buying back the stock. The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.

Volatility

Cryptocurrencies are extremely volatile—more so than traditional assets. This volatility means that investors regularly have opportunities to realize and harvest capital losses. The difficult part for investors is identifying which of their cryptocurrencies in their portfolio have the highest cost basis (original purchase price) when compared to the current market price. These are the assets that present the greatest opportunity for tax savings. CryptoTrader.Tax has a tax loss harvesting tool built into the app that allows users to automatically identify which of their cryptocurrencies present the greatest loss harvesting opportunity.

An Example

Amy has made $15,000 in capital gains from investing in the stock market this year. Amy has also been investing in cryptocurrencies like bitcoin, XRP, and Ethereum. In December, Amy imports her cryptocurrency transactions into CryptoTrader.Tax and notices that her investments are down over $20,000 for the year. To harvest these losses, Amy trades all of her cryptocurrencies into Litecoin (thus incurring a taxable event and realizing her losses). Amy’s losses in cryptocurrency complete offset all of her stock market gains, and she’s left with a $5,000 capital loss for the year.

Net Capital Losses Up to $3,000 Offset Ordinary Income

Whenever total capital gains and losses for the year add up to a negative number, a net capital loss is incurred. If the net capital loss is less than or equal to $3,000 ($1,500 if you are married and filing a separate tax return), then that entire capital loss can be used to offset other types of income—like the income from your job. Net losses exceeding $3,000 are rolled forward to subsequent years.

December 31st is the Cutoff - Time is of The Essence!

It is important to keep in mind that the tax year ends on Dec. 31st—even though the filing deadline isn’t until April 15th. This means that you must harvest your losses prior to the end of the year if you want them to impact that year’s taxes. Many investors delay only to realize that they could have saved money on their tax bill if they would have sold or realized losses back in December. By then it’s too late.
submitted by dudeson55 to BitcoinMarkets [link] [comments]

I have became addicted to drug dealing and don't know how to stop.

I've been drug dealing for the past 4 years now. I did have a year where I didn't sell anything but besides that, it's been pretty steady. The problem is, I just don't think I can stop. It's become an addiction. I don't give a fuck about getting high. I smoke weed and drink alcohol occasionally but, besides that, I haven't touched another drug.
There's probably a lot that has lead up to this point, starting from a young age, but 4 years ago I found the markets and Bitcoin. It was at a point in my life where things were low and I found drug dealing. My first package was a package of Xanax bars. I made $1,000 profit in about 4 days because, at the time, pressed bars weren't very well known so my prices were dirt cheap compared to everyone else's.
That's the moment things changed for me. The moment where I fucked everything up for myself.
4 years later, here I am. It's a fucking addiction. When I stop, it's for a month, max besides the one year I quit due to personal and OPSEC related reasons. It's a craving I can't make go away. The adrenaline of doing something illegal, the money, the respect, the power you have over your little group of people...I don't know...it's impossible for me to explain so I'll explain the more addicted part now.
The money.
You think drug dealing will ruin your life because of prison or getting robbed, and while true, there's a sneakier way nobody tells you about; MONEY. I've dropped out of college and haven't held down a job more than 6 months due to it. When you make $55-75K a year WITH NO TAXES, everything else is a blur. College? That takes 4 years of being broke! I can't do that! Holding down a minimum wage job? That's like $400 a week, if you're busting ass. I was making $1,000(PROFIT, not GROSS) a week, making a couple moves. I moved bulk only so I wasn't meeting people every 30 minutes to make my money.
I was my own boss and money gave me freedom. Freedom. That's where the addiction comes into play. Drug dealing was 50% of it but the other 50% was the freedom money gave me.
I make about, on average, $4,000 NET profit a month. My monthly bills are only around $1,800 for everything besides food(Love living in a cheap state) so that leaves me a good chunk of change to myself. That leaves me $2,200 a month in my own pocket. This monthly cost includes a maid, once a week, dropping my clothes off at a laundromat to get washed, dried, and folded, and having my groceries delivered to my house.
I have all the time in the world to myself. It's so addicting.
Want to go play Laser Tag and ride Go-Karts all day? You can! Want to go do 18 holes Monday, Tuesday, and Wednesday? Grab some cigars and let's go! Want to take a week long vacation? Easy, all you gotta do is tell your people that you're leaving and to re-up while they can! Then you're free to leave! Want to smoke weed and play video games all day? Done! Want to learn a skill like playing piano, programming, or anything? You can practice 8 hours a day!
I'm not even mentioning the material items. I have a PS4, Xbox One, Nintendo Switch, Gaming PC, MacBook, TaylorMade golf club set, Boosted Board, HTC Vive, 4K TV's, all the smart home gadgets an apartment can have(Lights, outlets, TV's, ect), and clothes galore. I also have a pretty decent car. If I don't have it, I have multiple options to get it. I can either save up and wait, trade product for it, or just up my sales to cover the cost.
Oh, that's another thing you can't do with a paycheck, upping your sales. If I need money or just want to thicken the savings account, I can just push my sales a little harder. Offer a slight discount for more bulk, bring in a different product, or seek out new customers. $6,000 months are not crazy uncommon. Drugs sell themselves.
So yeah, you can see where everything becomes an addiction. Life is just...easy. Drugs sell themselves. Money gives you freedom. It's a bad mix.
The problem is quitting. I could quit today and have a pretty decent savings to hold me over but after that, I'd have nothing. I have no college education and no work experience I'd be willing to put down on a resume. I have no references. I have no legal connections. I have nothing besides the business I've. built around myself. Surrounded by people who do the same thing that I do.
I have a couple moves I could make but my motivation is shot. I could go back to college, that's a great option. I could hone in on my weed growing skills and save up for when legalization comes to my state. I could build a legit business.
For now though, I'll stick to what I know and what I'm good at. Hoping to find the dragon I'm chasing.
submitted by HorroShowLifestyle to Drugs [link] [comments]

US Tax Guide for ETH and other cryptocurrencies

Introduction:  
Greetings, fellow ethtraders! Happy New Year! In the next few months, taxpayers across the US will be filing their 2017 tax returns. As an Enrolled Agent and a ETH/cryptocurrency investor and enthusiast, I wanted to write up a brief guide on how your investments in ETH and other cryptocurrencies are taxed in the US.
 
 
1. Are ETH/cryptocurrency realized gains taxable?
Yes. The IRS treats virtual currency (such as cryptocurrency) as property. That means if you sell ETH, BTC, or any other cryptocurrency that has appreciated in value, you have realized a capital gain and must pay taxes on this income. If you held the position for one year or less, it is a short-term capital gain which is taxed at your ordinary income tax rate. If you held the position for more than one year, it is a long-term capital gain which is taxed at your long-term capital gains tax rate. In most cases, this is 15%, but could also be 0% or 20% depending on your specific ordinary income tax bracket.
 
2. If I sell my ETH for USD on Coinbase but do not transfer the USD from Coinbase to my bank account, am I still taxed?
Yes. The only thing that matters is that you sold the ETH, which creates a taxable transaction. Whether you transfer the USD to your bank account or not does not matter.
 
3. If I use my ETH to buy OMG or another cryptocurrency, is this a taxable transaction?
Most likely yes. See #4 below for a more detailed explanation. If assuming crypto to crypto trades are not able to be like-kind exchanged, then continue on to the next paragraph here.
This is actually two different transactions. The first transaction is selling your ETH for USD. The second transaction is buying the OMG with your USD. You must manually calculate these amounts. For example, I buy 1 ETH for $600 on Coinbase. Later on, the price of 1 ETH rises to $700. I transfer that 1 ETH to Bittrex and use it to buy 37 OMG. I have to report a capital gain of $100 because of this transaction. My total cost basis for the 37 OMG I purchased is $700.
 
4. If I use my ETH to buy OMG or other cryptocurrency, could that be considered a tax-free like-kind exchange?
Probably not. The new tax law says that like-kind exchanges only pertain to real estate transactions. This was done with Section 13303, which replaced “property” with “real property” for all of Section 1031 (page 72 near the bottom). My personal interpretation:
In 2018 and going forward, cryptocurrencies can definitely not be like-kind exchanged.
In 2017 and before, it is a very gray area. I personally am not taking the position that they can be like-kind exchanged, because if the IRS went after a taxpayer who did this, the IRS would probably win and the taxpayer would owe taxes, interest, and probably penalties on every single little gain made from trading one cryptocurrency for another.
Here is a great interpretation of why trading cryptocurrency for cryptocurrency is probably not a like-kind transaction.
In my opinion, the biggest factor is that like-kind exchanges must be reported on Form 8824 and not just ignored. Therefore, if a taxpayer is claiming like-kind exchanges on crypto to crypto exchanges, he or she would have to fill out a Form 8824 for each individual transaction of crypto to crypto, which would be absolutely cumbersome if there are hundreds or thousands of such trades.
Here is another article about like-kind exchanges.
Here is the American Institute of CPAs' letter to the IRS, dated June 10, 2016, asking them to release guidance on whether crypto to crypto can be like-kind exchanged or not. The IRS has not responded to the letter.
 
5. How do I calculate the realized capital gain or loss on the sale of my cryptocurrency?
The realized gain or loss is your total proceeds from the sale minus what you purchased those positions for (your cost basis). For example, you bought 1 ETH for $300 in June of 2017. In December of 2017, you sold that 1 ETH for $800. Your realized gain would be $800 - $300 = $500. Since you held it for one year or less, the $500 would be a short-term capital gain taxed at your ordinary income tax rate.
 
6. Which ETH's cost basis do I use if I have multiple purchases?
The cost basis reporting method is up to you. For example, I buy my first ETH at $300, a second ETH at $530, and a third ETH at $400. Later on, I sell one ETH for $800. I can use:
FIFO (first in first out) - cost basis would the first ETH, $300, which would result in a gain of $500.
LIFO (last in first out) - cost basis would be the third ETH, $400, which would result in a gain of $400.
Average cost - cost basis would be the average of the three ETH, $410, which would result in a gain of $390.
Specific identification - I can just choose which coin's cost basis to use. For example, I can choose the second ETH's cost basis, $530, which would result in the lowest capital gains possible of $270.
 
7. If I end up with a net capital loss, can I claim this on my tax return?
Capital gains and capital losses are netted on your tax return. If the net result of this is a capital loss, you may offset it against ordinary income on your tax return, but only at a maximum of $3,000 per year. The remaining losses are carried forward until you use them up.
 
8. What is the tax rate on my capital gains?
If long-term, the tax rate is 0%, 15%, or 20%, depending on your ordinary income tax bracket. If short-term, the tax bracket you’ll be in will depend on your total income and deductions. The ordinary income tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% in 2017 and 10%, 12%, 22%, 24%, 32%, 35%, and 37% in 2018 and going forward.
Here are the 2017 and 2018 ordinary income tax brackets.
Here are the 2017 and 2018 long-term capital gains tax brackets.
Here is a detailed article on how the calculation of long-term capital gains tax work and how you can take advantage of the 0% long-term capital gains rate, if applicable.
 
9. If I mine ETH or any other cryptocurrency, is this taxable?
Yes. IRS Notice 2014-21 states that mining cryptocurrency is taxable. For example, if you mined $7,000 worth of ETH in 2017, you must report $7,000 of income on your 2017 tax return. For many taxpayers, this will be reported on your Schedule C, and you will most likely owe self-employment taxes on this income as well. The $7,000 becomes the cost basis in your ETH position.
 
10. How do I calculate income for the cryptocurrency I mined?
This is the approach I would take. Say I mined 1 ETH on December 31, 2017. I would look up the daily historical prices for ETH and average the high and low prices for ETH on December 31, 2017, which is ($760.35 + $710.12) / 2 = $735.24. I would report $735.24 of income on my tax return. This would also be the cost basis of the 1 ETH I mined.
 
11. Can I deduct mining expenses on my tax return?
If you are reporting the income from mining on Schedule C, then you can deduct expenses on Schedule C as well. You can deduct the portion of your electricity costs allocated to mining, and then you depreciate the cost of your mining rig over time (probably over five years). Section 179 also allows for the full deduction of the cost of certain equipment in year 1, so you could choose to do that if you wanted to instead.
 
12. If I receive ETH or other cryptocurrency as a payment for my business, is this taxable?
Yes. Similar to mining, your income would be what the value of the coins you received was. This would also be your cost basis in the coins.
 
13. If I received Bitcoin Cash as a result of the hard fork on August 1, 2017, is this taxable?
Most likely yes. For example, if you owned 1 Bitcoin and received 1 Bitcoin Cash on August 1, 2017 as a result of the hard fork, your income would be the value of 1 Bitcoin Cash on that date. Bitcoin.tax uses a value of $277. This value would also be your cost basis in the position. Any other hard forks would probably be treated similarly. Airdrops may be treated similarly as well, in the IRS' view.
Here are a couple more good articles about reporting the Bitcoin Cash fork as taxable ordinary income. The second one goes into depth and cites a US Supreme Court decision as precedent: one, two
 
14. If I use ETH, BTC, or other cryptocurrency to purchase goods or services, is this a taxable transaction?
Yes. It would be treated as selling your cryptocurrency for USD, and then using that USD to purchase those goods or services. This is because the IRS treats cryptocurrency as property and not currency.
 
15. Are cryptocurrencies subject to the wash sale rule?
Probably not. Section 1091 only applies to stock or securities. Cryptocurrencies are not classified as stocks or securities. Therefore, you could sell your ETH at a loss, repurchase it immediately, and still realize this loss on your tax return, whereas you cannot do the same with a stock. Please see this link for more information.
 
16. What if I hold cryptocurrency on an exchange based outside of the US?
There are two separate foreign account reporting requirements: FBAR and FATCA.
A FBAR must be filed if you held more than $10,000 on an exchange based outside of the US at any point during the tax year.
A Form 8938 (FATCA) must be filed if you held more than $75,000 on an exchange based outside of the US at any point during the tax year, or more than $50,000 on the last day of the tax year.
The penalties are severe for not filing these two forms if you are required to. Please see the second half of this post for more information on foreign account reporting.
 
17. What are the tax implications of gifting cryptocurrency?
Small gifts of cryptocurrency do not have a tax implication for the gift giver or for the recipient. The recipient would retain the gift giver's old cost basis, so it could be a good idea for the gift giver to provide records of the original cost basis to the recipient as well (or else the recipient would have to assume a cost basis of $0 if the recipient ever sells the cryptocurrency).
Large gifts of cryptocurrency could start having gift and estate tax implications on the giver if the value exceeds more than $14,000 (in 2017) or $15,000 (in 2018) per year per recipient.
Here's a good article on Investopedia on this issue.
An important exception applies if the gift giver gives cryptocurrency that has a cost basis that is higher than the market value at the time of the gift. Please see the middle of this post for more information on that.
 
18. Where can I learn even more about cryptocurrency taxation?
Unchained Podcast: The Tax Rules That Have Crypto Users Aghast
IRS Notice 2014-21
Great reddit post from tax attorney Tyson Cross from 2014
 
19. Are there any websites that you recommend in helping me with all of this?
Yes - I have used bitcoin.tax and highly recommend it. You can import directly from an exchange to the website using API, and/or export a .csv/excel file from the exchange and import it into the website. The exchanges I successfully imported from were Coinbase, GDAX, Bittrex, and Binance. The result is a .csv or other file that you can import into your tax software.
I have also heard good things about cointracking.info but have not personally used it myself.
 
20. Taxation is theft!
I can't help you there.
 
 
That is the summary I have for now. There have been a lot of excellent cryptocurrency tax guides on reddit, such as this one, this one, and this one, but I wanted to post my short summary guide on ethtrader which hopefully answers some of the questions you all may have about US taxation of ETH and other cryptocurrencies. Please let me know if you have any more questions, and I’d be happy to answer them to the best of my ability. Thank you!
Regarding edits: I have made many edits to my post since I originally posted it. Please refresh to see the latest edits to my guide. Thank you.
 
Disclaimer:
The information contained within this post is provided for informational purposes only and is not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Any U.S. federal tax advice contained in this post is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an advisor-client relationship. Internet users are advised not to act upon this information without seeking the service of a tax professional.
submitted by Nubboi to ethtrader [link] [comments]

Guide on how to harvest losses before the end of the year and reduce your tax bill

Engaging in tax loss harvesting with your cryptocurrency assets is one of the single most effective ways to reduce your tax bill for the year. It’s no secret that cryptocurrencies are extremely volatile. This and a number of other characteristics make it an unusually effective candidate for tax loss harvesting strategies. This guide outlines what tax loss harvesting is, how you can use it to reduce your bitcoin and crypto tax liability.
Tax Loss Harvesting - What Is It?
Tax Loss Harvesting is the practice of selling a capital asset at a loss to offset a capital gains tax liability. By realizing or “harvesting” a loss, investors are able to offset taxes on both gains and income. This is a tax reduction strategy commonly used in the world of stocks and securities.
An Example
John buys $1,000 of Apple stock and $2,000 of Tesla stock in a given year. While holding these investments, the value of John’s Apple stock rises to $1,500 while Tesla drops to $1,700. John sells all of his Apple stock for $1,500.
Without Tax Loss Harvesting
Without harvesting his losses in Tesla stock, John has a $500 capital gain for the year from the sale of his Apple stock. John pays taxes on all $500 of this capital gain.
With Tax Loss Harvesting
Rather than continuing to hold his Tesla stock, John can harvest his losses in Tesla by selling before year-end. Capital gains and losses get summed together for the year resulting in either a net gain or loss. John’s net capital gain is now only $200 for the year ($500 - $300). In this scenario, John only pays taxes on $200 of net capital gains rather than $500.
Tax Loss Harvesting With Cryptocurrencies
Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell/trade crypto to harvest losses and reduce your tax liability. Unlike stocks however, cryptocurrencies have unique characteristics that make them even better candidates for tax loss harvesting. We discuss these below.
Wash Sale Rules
A wash sale results when you incur a capital loss, and then buy the same security back within a 30-day window before or after the capital loss is incurred. This rule is designed to prevent investors from taking capital losses in one year and then immediately buying back the stock. The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.
Volatility
Cryptocurrencies are extremely volatile—more so than traditional assets. This volatility means that investors regularly have opportunities to realize and harvest capital losses. The difficult part for investors is identifying which of their cryptocurrencies in their portfolio have the highest cost basis (original purchase price) when compared to the current market price. These are the assets that present the greatest opportunity for tax savings. CryptoTrader.Tax has a tax loss harvesting tool built into the app that allows users to automatically identify which of their cryptocurrencies present the greatest loss harvesting opportunity.
An Example
Amy has made $15,000 in capital gains from investing in the stock market this year. Amy has also been investing in cryptocurrencies like bitcoin, XRP, and Ethereum. In December, Amy imports her cryptocurrency transactions into CryptoTrader.Tax and notices that her investments are down over $20,000 for the year. To harvest these losses, Amy trades all of her cryptocurrencies into Litecoin (thus incurring a taxable event and realizing her losses). Amy’s losses in cryptocurrency complete offset all of her stock market gains, and she’s left with a $5,000 capital loss for the year.
Net Capital Losses Up to $3,000 Offset Ordinary Income
Whenever total capital gains and losses for the year add up to a negative number, a net capital loss is incurred. If the net capital loss is less than or equal to $3,000 ($1,500 if you are married and filing a separate tax return), then that entire capital loss can be used to offset other types of income—like the income from your job. Net losses exceeding $3,000 are rolled forward to subsequent years.
December 31st is the Cutoff - Time is of The Essence!
It is important to keep in mind that the tax year ends on Dec. 31st—even though the filing deadline isn’t until April 15th. This means that you must harvest your losses prior to the end of the year if you want them to impact that year’s taxes. Many investors delay only to realize that they could have saved money on their tax bill if they would have sold or realized losses back in December. By then it’s too late.
submitted by dudeson55 to Bitcoin [link] [comments]

ILPT: Got tons of cash to launder and not sure how? Use cryptocurrencies this way.

Let's assume you've got a ton of cash that you don't want to report for whatever reason. In order to spend that cash on anything more than gas or groceries you're gonna need a way to launder it or give that cash a story. There are a ton of ways to do this but none that are untraceable...most money laundering schemes come with a ton of risk. But if I were properly motivated, this is how I'd do it.
First I'd create a private trust. No need to understand how private trusts work in this thread, just know that they exist in a jurisdiction foreign to the US or whatever statutory jurisdiction you exist in. Then have that trust create a public LLC in a state that allows for private member owned LLC such as New Mexico. Literally all that is recorded is the name of the trust on the articles of organization for the LLC. So ABC Trust is the member of the LLC. The members of the trust are private and unknown.
Now the LLC needs to be a legitimate cash business that wont draw any suspicion and impossible to audit. And ideally we want to convert all of our cash into cryptocurrencies. Unlike most money laundering schemes that hope to pay taxes and deposit cash into a bank. Cryptocurrencies are superior to cash in a bank for many reasons, but I'll only touch on a few here.
So the LLC creates an online peer to peer exchange. It's important that the LLC never actually touches the money because if it does then the exchange would be considered a money changing business and needs to comply with KYC and AML laws. We don't want that. So instead we set up an escrow wallet service that is nothing more than a smart self executing contract. Its computer code that executes when conditions are met. That's it. Peers come to the site to find other peers to trade with. These p2p exchanges already exist like localbitcoins.com for example.
Here's how they work. I have cash or gift cards or some other form of money and I want to buy bitcoin. You've got bitcoin and want cash. So you send your BTC to an escrow wallet on the p2p exchange. This escrow wallet wont release the funds until all parties sign. The buyer and the seller and the exchange must all sign with their private keys to send the money out of the wallet. So once your BTC is locked in the wallet, we meet up and exchange cash, or I send you the gift cards or whatever payment method we agree. Once you get the cash, you sign to verify you recieved the cash. Once I send the money, I sign to verify payment was sent. If there are no disputes between the parties then the exchange signs and the BTC is sent to my personal wallet. Easy peasy. And since the exchange never actually has control of the BTC or the cash, they don't require any knowledge of the trading parties. Just 2 anonymous characters. Now in order to not attract a lot of unwanted attention, its important to set buy limits. Even those we aren't regulated as a money changing business we don't want to allow million dollar transactions without any kind of KYC... so we comply with the $1,000 limit per day.
Now once the seller has cash they can spend it or deposit it into their bank or do whatever. Once I have BTC now I can do pretty much anything I want. First BTC is a transparent blockchain so I've got one more step to make this truly anonymous and untraceable. I'll send that BTC to an unverified crypto exchange account on Bitfinex or Binance or any number of other exchanges and I'll use that BTC to buy Monero. I wont explain how Monero (XMR) works here but trust me, it uses fancy cryptography to make it truly untraceable. There's no trail to follow. No XMR can be linked to any other party ever. So once I have XMR I can send it to any private wallet I want and no one will ever know I've got millions worth of XMR. It's as if the money disappears. If I ever want to spend it, I try to pay directly with XMR fir whatever. But if the vendor doesn't accept XMR then I simply send that XMR back to the exchange and trade it for BTC. Or I send it to my verified exchange account linked to my bank and I trade it directly for USD. I'll pay a capital gains tax on that single transaction vs paying gains on my millions.
So in order to do this at scale with our own p2p exchange LLC we need to create a dozen fake anonymous accounts all making small random trades to other legitimate sellers of BTC. Once we have gotten rid of all of our cash and now have BTC we funnel those BTC to dozens of unverified exchange accounts and wash them with XMR. Then send those XMR to our final destination wallet that no one knows about. When we want to spend it some amount, we simply funnel the XMR back into a verified and legitimate account and pay the tax on that individual transaction. Or we go back to our p2p exchange and get cash back.
That's it. That's how you hide millions of dollars without a trace. Of course I've left out a few details like how to spoof your IP address and use things like VPNs and Tor to truly access the exchange site anonymously, and you'll need to do this since you will be the one creating dozens of accounts on the exchange. Each account needs it's own IP address to appear legitimate to anyone who gets wise and wants to look closer. Other than that, you've now got millions of dollars in your pocket you can walk across any border anywhere in the world with.
submitted by crypto-anarchist86 to IllegalLifeProTips [link] [comments]

WSB101 - THE BOOK OF YOLO: BEGINNERS GUIDE TO TRADING LIKE A DEGENERATE AND EVERYTHING WSB

The Book of Yolo: COMPLETE GUIDE TO WSB
The goal of this is to actually create something that all of you WSB newbies can read - because we’re all tired of seeing the endless wave of uninformed and unavoidable stupidity from those who have never touched the stock market. CALLING ALL NEWFAGS AND NORMIES.
If you can’t read, GFY now.
Now that we will be on the popular section of reddit, this has become pertinent. WSB can't avoid newcomers, so we might as well explain how the clock ticks here. This one is for you all.
This is to serve as a reference what values we hold, what instruments we use, and as a general place to educated the uneducated.
First off, this is the LEAST helpful stock market-based community for newcomers. Sarcastic answers are the only thing of true value here. It isn't a place to learn, but a place to plan out where you will dock your yacht. Newcomers are usually berated upon asking the inevitable stupid questions that they could learn slowly from reading here, or just using a damn search engine. Instead of embarrassing yourself here, you now have the opportunity to read this and get what we’re all rambling about.
This will help you understand what to expect if you make the decision to undertake a WSB style trading career, so you can stay here and contribute to the yolo lifestyle or otherwise GFY.
I will edit in any suggestions that our frequenting users or mods want to add to this as well.
To begin: Here are our topics for WSB101
-Basics (Equities/Stocks)
;
-ETF's
;
-Options
;
-Futures Trading
;
-SubCulture
;
BASICS/EQUTIES Skip if you understand basic stock stuff
Okay, so what is an equity/stock? An equity is essentially what you’d think of as your “vanilla” trading tool. They move up or down depending on market forces, and can range from pennies to thousands of dollars per share. To explain how stocks work, let's define a few terms.
Volume: The number of shares of stock traded during a particular time period, normally measured in average daily trading volume.
Spread: The difference between the bid and the ask price
Bid Price: The current price in which someone wants to buy at
Ask Price:The current price in which someone wants to sell at
Volatility: The WSB favorite. Volatility is referring to the price movements of a stock as a whole. The higher the volatility, the more the stock is moving up or down. Highly volatile stocks are ones with extreme daily up and down movements and wide intraday trading ranges.
Margin: A margin account lets a person borrow money (take out a loan essentially) from a broker to purchase an investment. The difference between the amount of the loan, and the price of the securities, is called the margin. Margin is one of WSB’s popular instruments of wealth and destruction.
Dividend: This is a portion of a company’s earnings that is paid to shareholders, or people that own hat company’s stock, on a quarterly or annual basis. Not all companies do this.
PPS: Acronym for “Price per Share”
Moving Average: A stock’s average price-per-share during a specific period of time.
Bullish: Expecting the stock to go up
Bearish: Expecting the stock to go down
Any raised hands can redirect themselves to here:
http://www.investopedia.com/articles/investing/082614/how-stock-market-works.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186
Now that these terms are defined, let's move into the details of why this is even useful. Most people know what a stock is, but how and why stocks move is a different story. The stock market is essentially a big virtualization of supply and demand - meaning that usually high positive volume creates upwards movement in the PPS, where high negative volume does the opposite. This creates a trader’s opportunity; Generally, the most effective time to buy or sell is where the candlesticks (volume data) are thinning out. When you are ready to take an entry point or execute an exit point, waiting till the volatility (candlesticks) thin out is one method to give you best trade possible.
WSB FAVORITE EQUITIES: Of many equities, WSB favors the riskier ones - but avoiding penny stocks is a policy.
AMD - CEO Lisa Su, Next Gen Processors, chips, graphics. It’s the gamers gambit. Up roughly 1400% as of 2/7/2017 since WSB first mentioned it
NVDA - AMD’s sister? Mother? Daddy? Who knows. NVDA has been a sexy semiconductor leader. Is up 400% since gaining traction on WSB.
FNMA / pfds - Mnunchin, Trump, Big fat fannies. Get your self deep in the fannie. We all want it. WSB 10 bagger candidate for reforming the housing market. WSB holds a large cumulative position that can be seen below. Also a good read is the beginners guide to FNMA. Any post by u/NOVACPA is very often VERY informative on FMNA/pfds.
https://www.reddit.com/wallstreetbets/comments/5oissp/results_wsb_fnmafmcc_holdings
https://www.reddit.com/wallstreetbets/comments/5t7gba/beginngers_guide_to_fnma_fmcc_read_this_before/
ARRY - A biotech champion that prevailed after a lot of failures and huge losses in the biotech sector. Dark times for WSB. Up ~300% since getting traction on the subreddit.
TWTR - WSB likes to buy put option contracts on her. Exemplary of a social media platform that is unable to monetize itself.
TSLA - Maybe not unanimously a favorite, but loved for it’s sexy volatility, Elon Musk, and ridiculously expensive options.
GILD - A Shkreli pump and dump? The greatest large cap pharma recovery of all time? Who knows. Martin took the time to make a post on this reddit and it is up $5 dollars since.
ETF'S
Welcome to the world of investing made easy. Exchange traded funds (etfs) are devices that can be traded like stocks, but often track the value of many companies by investing in their listed assets accordingly. Specifically, An ETF, or exchange traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares, making them an attractive alternative for individual investors.
ETF’s come in beautiful and delicious varieties, often with a BEAR form and a BULL form of each; but the most delicious to WSB are the 3x etf’s. A 3x ETF is one in which the underlying movement of the ETF is leveraged 3:1. Meaning for every movement within the underlying index or stocks, the 3x ETF moves well.... 3x as much..
WSB FAVORITE AND USEFUL ETF’S:
JNUG - 3x Gold Miner Bull - A hit or miss, has extreme intraday movements and essentially tracks GDX (gold miner’s index). Jnug will usually move with a pretty strong correlation to gold, which is affected by the mentioning of rate hikes (negatively), movement of the US dollar (inversely), uncertainty (positively), and supply and demand.
NUGT - Jnug with a different price tag
JDST - The inverse 3x etf of JNUG - or the bear etf. It does almost exactly the opposite movements of JNUG by the tick. Moves for the same reasons, but obviously opposite directions.
DUST - Jdst with a different price tag.
UGAZ - Natural Gas 3x Bull ETF - essentially tracks the price value of the commodity Natural Gas, but more specifically the S&P GSCI Natural Gas Index ER. The index comprises futures contracts on a single commodity and is calculated according to the methodology of the S&P GSCI Index. Natural gas is most affected by Weather temperature conditions (use your brain), petroleum prices, and broader economic conditions.
DGAZ - Inverse of UGAZ
UWT - Crude Oil Bull 3x ETF - extreme intraday movements, closely follows the price of oil. More specifically, it tracks futures. UWT seeks to replicate, net of expenses, three times of the S&P GSCI® Crude Oil Index ER. The index tracks a hypothetical position in the nearest-to-expiration NYMEX light sweet crude oil futures contract, which is rolled each month into the futures contract expiring in the next month. The value of the index fluctuates with changes in the price of the relevant NYMEX light sweet crude oil futures contracts.
DWT - Inverse of UWT
FAS - Financial Bull, specifically FAS seeks daily investment results, before fees and expenses, of 300% of the performance of the Russell 1000 ® Financial Services Index. The fund creates long positions by investing at least 80% of its assets in the securities that comprise the Russell 1000 ® Financial Services Index and/or financial instruments that provide leveraged and unleveraged exposure to the index. Can be used when bullish on US financial services - so banks, lenders, etc.
FAZ - Inverse of FAS
UPRO - S&P500 Bull 3x ETF, essentially tracks the S&P500 and multiplies it’s returns by 3x.
BRZU - Tracks Brazil (in its most basic form). It creates long positions in the MSCI Brazil 25/50 Index.
LABU - Tracks the Biotech sector, or specifically 300% of the performance of the S&P Biotechnology Select Industry Index ("index"). It should be noted that LABU has doubled since just before the election of Donald Trump.
LABD - Inverse of LABU
RUSL - roughly creates 300% of the performance of the MVIS Russia Index.
RUSS - Inverse of RUSL
SPY - Tracks the S&P500, but is not 3x.
OPTIONS:
Alright, so half you are going to understand this, and half of you are not. Pull up an options chain now on any stock (penny stocks and specific stocks do not have chains because of their market cap). Options are truly the ultimate way to achieve maximum risk/reward.
An option is a contract that gives the buyer the right to buy or sell 100 shares of a stock at a certain price, on a certain date. This concept makes options a commodity themselves.
KEY TERMS:
A CALL - is the right to buy. Buying calls is taking a bullish position in its most extreme form.
A PUT - is the right to sell.
The underlying - is the stock that the option is covering i.e. AAPL, GOOG, AMZN
Strike Price - the price at which a put or call option can be exercised.
ITM, In the money - In the money means that a call option's strike price is below the market price of the underlying asset or that the strike price of a put option is above the market price of the underlying asset. Being in the money does not mean you will profit, it just means the option is worth exercising.
OTM, Out of the money - a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset.
ATM - At the money - Strike price at the same price as the underlying
Expiration - Expiries for options are every friday of every week usually, with exceptions such as every month, or every other day - depending on the underlying. SPY and SPX are great examples of very active option chains with expiries every other day. On the expiry date or any time before (with american options), an option can be, but doesn’t have to be exercised, meaning the holder of the option can use it to buy or sell shares of the underlying stock at the strike price. Most people on WSB do not exercise the contracts, but merely flip them for increases in value as the underlying moves.
For example, when AAPL was at 120 before its earnings report, Joe Shmoe Yolo buys 10 FEB 17th CALLS at strike 127 for .60 , each. Now .60 cents is really 60 dollars each, because the contract is multiplied by 100 (the right to 100 shares). In total, Joe Shmoe Yolo spends $600 dollars + commision on this trade. The next day, AAPL leaps to 130 upon great news. These same option contracts are now worth 3.50 each. $350 dollars per contract, times ten contracts is $3500 dollars. Joe Shmoe Yolo just turned $600 into $3500 dollars. MAGIC. Spoiler alert: Joe Shmoe Yolo was me.
That same Joe Shmoe later buys FEB 17th XOM calls at 90, hoping for similar results. However, XOM ends up never reaching anywhere close to the strike price, and the options expire worthless. Get it?
Now what determines the pricing of options?
OPTION PRICING:
Below is sourced from investopedia
Intrinsic Value: The intrinsic value is the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors. This value may or may not be the same as the current market value. Additionally, intrinsic value is primarily used in options pricing to indicate the amount an option is in the money.
Time Value: Time Value = Option Price - Intrinsic Value. The more time an option has until it expires, the greater the chance it will end up in the money. The time component of an option decays exponentially. The actual derivation of the time value of an option is a fairly complex equation. As a general rule, an option will lose one-third of its value during the first half of its life and two-thirds during the second half of its life. This is an important concept for securities investors because the closer you get to expiration, the more of a move in the underlying security is needed to impact the price of the option. Time value is basically the risk premium that the option seller requires to provide the option buyer the right to buy/sell the stock up to the date the option expires. It is like an insurance premium of the option; the higher the risk, the higher the cost to buy the option. Makes sense, right?
Time value is determined by the expiration date. An expiration date in derivatives is the last day that an options contract is valid. When investors buy options, the contracts gives them the right but not the obligation, to buy or sell the assets at a predetermined price, called a strike price, within a given time period, which is on or before the expiration date. If an investor chooses not to exercise that right, the option expires and becomes worthless, and the investor loses the money paid to buy it.
Volatility:
In an options pricing, you see IV. This stands for implied volatility. The higher that is, the higher the options will be priced Volatility is the extent to which the return of the underlying asset will fluctuate between now and the option's expiration. Volatility, as expressed as a percentage coefficient within option-pricing formulas, arises from daily trading activities. How volatility is measured will affect the value of the coefficient used.
Decaying Nature of Options:
Decay refers to derivative trading (i.e. options). When you sell or buy a call/put (using those two for simplicity purposes) you don't get an infinite time frame to make your dreams come true. Time is your enemy; the further out the expiration date, the less time decay there is. Time decay really hits the worst the week of expiration. Sound confusing? Say you're buying options of the stock WSB (I hope you're seeing what I did there) - and the option costs $1, the expiration is this Friday. Say today is Monday. You buy a call expecting WSB to take you to the moon and beyond. Each day the stock doesn't move closer to your strike price or remains stagnant/drops, you lose value on your option + the time decay. Meaning if it finishes closer to your strike price, your option could be worthless because of that time decay. Questions? Ask away.
A great example of these factors in action is TSLA.
TSLA’s options are among the most expensive for companies in its price range, why?
An in the money TSLA call expiring this week is worth around $1100 per contract. Insanely expensive. But for a reason. TSLA has extreme intraday movements and calls have an implied volatility of 40.92%. Which is fairly high. In addition to that, it holds high intrinsic value / price per share, and a week of time value.
-Futures 101 - The Ultimate YOLO Guide (thanks to u/IncendiaryGames)
Okay, a lot of you have been YOLOing on faggot delights on SPY options. How would you like to trade something with the same or more leverage, 1.0 delta, and no time premium costs? Have you considered futures? What are futures? Unlike options, futures is a contract where both the buyer and seller is obligated to perform the transaction by the expiration. Conversely, in options, only the seller is obligated to perform. That means you can lose more than your investment. Originally they were used by farmers to sell future crops early and guarantee some amount of sales. Since then futures have expanded not just to commodities but currency and equity indices like the S&P 500. Why the heck would I want to trade futures? Here are the advantages: Leverage $5k is the margin requirement for most contracts. For example with the E-mini S&P 500 with 5k you're trading $120k worth of stuff. 1 contract = 500 spy shares. Some brokers offer intraday daytrading margin rates too - TD Ameritrade is 25% of the overnight margin rate($1,250.) Some brokers go as low as $500 an /ES future. SPAN Margin If 24x overnight leverage and 240x day trade leverage didn't give you a hard on there is also SPAN margin, which is like portfolio margin on steroids. The beauty of SPAN margin is you don't need a $125k+ account to be eligible. SPAN will greatly reduce your margin requirements if you hold uncorrelated or inversely correlated positions (up to an 80% discount, here is a list of groups that give discounts) and if you hedge with options. Hedge with the right option or asset and now you have up to 500x day trading margin. 23/7 and day trading Ever get in and out of an equity only to have your broker yell at you to stop doing that or deposit $25k? There is no pattern day trading restrictions on futures. Feel free to day trade and blow up your account as often as you want! You can also trade 23 hours a day. Get trading on how the S&P 500 index will react to news from China right away. Taxes No matter how long or how short you hold you always get taxed under the 60/40 rule. 60% of your profit from futures will be taxed as a long term gain and 40% will be taxed as short term gain. No wash sales. Trade your hearts out. Just remember holding past Dec 31st will treat you as if you closed all your positions that day and you'll be taxed on unrealized gains. Long/Short No need to pay interest or borrow shares as being short a future contract is being a writer, just like an options writer. Options Of course there are options. What fun would it be without options? Unlike stock options each contract gives different number of future contracts. Research what you're trading.
Ok. I'm convinced. I want to strat trading futures! What are some good strategies?
YOLO Strategies
Swing trading Trying to guess/predict/ride sudden market momentum. A low volume average day in the S&P 500 (/ES) for one contract can swing +- $500. Get it right and you can see a huge appreciation of value. /ES is usually highly liquid during regular hours with average volume of 1 million trades and usually bid-ask spreads of one tick. One approach is to buy or short in your direction and put in a stop loss to an amount you're comfortable to lose (say $200.) Since it's so liquid you'll likely be filled at or near your stop loss during the day if your trade goes against you. If you can guess the direction 50% of the time and have trades like this: trade 1 - gain $800 trade 2 - lose $200 Then you may profit over the time period. If you have a 50% chance of being wrong and losing $200 or 50% chance of being right and gaining $800 then over time you'll gain more than you lose. Also, since the present value of your futures contract is included in your margin calculation then if it goes strongly in your favor your position can quickly grow to cover its own margin and you can let it ride for a while. You'll want to be sure you enter a combo buy/short order along with a stop loss order simultaneously, like this for Thinkorswim. Futures can move suddenly and a sudden movement can make you lose a ton of money. Exploiting outdated SPAN margin guidelines There are several out of date correlations between popular futures like oil and say things like wheat that SPAN gives you margin credits on. Take whatever position you want in oil (/cl) then take the opposite in something that doesn't move much day to day with less volatility such as /w (wheat)) and your /cl and /w positions will get a 75% credit, giving you 50% more buying power on crude oil. (2 positions * .25 = 0.5). Trade your heart out on the more volatile future then when you're done close your safer future pair. SPAN is constantly changing but such a complex system definitely has its exploits. Automated/algorithmic trading For you programmer geeks out there it's really hard to algorithmic trade on small accounts due to pattern day trading rules and economies of scale with broker fees. Futures is probably the best way to get your feet wet. Join us on /algotrading if you want to explore more!
Boring safer strategies
I'm including these for completeness but these belong on /investing. Scalping With high frequency trading scalping is less guaranteed. Basically scalping is using tiny momentum as usually there are small micro patterns in futures buying and selling activity where it will rise or fall a couple of ticks. Since the notional value of each tick is $12.5 it's profitable for retail investors and small accounts to act as a market maker after fees at the smallest bid-ask spread possible. Spreads Just like you can trade spreads in options, you can trade calendar spreads in futures. Futures have contracts with different expiration dates and the prices are different for each month of expiration based on the market's expectations. You can go long or short the near month expiration and the opposite for the far month. This will hedge out any sudden market moves as that would likely affect both months. Bull markets in general tend to increase the price of the near month faster than the far month. Basically with a spread trade you're making a long term bet on bull or bear for the underlying future. Pairs trading You can go long in one future say the dow jones (/ym) and short the S&P 500 index and profit off the relative growth. This is a hedged trade as any market ups or downs will likely affect both positions with the same % value. For the past 180 days /ym - /es has been really profitable. Even if you don't do a full perfect pairs trade it is still a great option to reduce the leverage too on whatever index future you're trading so you can stay in longer or overnight. Interest rate and optimal leverage plays Since the $5k investment is equal to $120k of the S&P 500 index currently then you'll likely beat out the market by buying one future contract and putting $115k in safe treasuries or bonds or uncorrelated assets. Some people choose to leverage their stock portfolio and you can get the exact leverage ratio of liquid investments to future ratios. In probability theory the max leverage you can gain is determined by the Kelly Criterion which modeling shows indicates the S&P 500 index to be leveraged to 1.40x. Yes, you could do the same with options but even on SPY deep in the money call leaps are illiquid and have a time premium. Even today they are so deep ITM that the options you would need to use have 0 open interest and a bid-ask spread of $5 per share (so $500 per contract.) You'd need ~5 contracts per 120k so you're already eating $2.5k/$120k - 2% interest rate a year for that leverage. SPX isn't better, it's bid ask is 22 so you'd be eating $2.2k/$120k - 1.83% interest rate. It's doubtful you won't get much past the ask as its only market makers providing liquidity and guess what the market maker will do if you buy/sell the option? They will hedge with the underlying futures until their minimum profit is the risk free interest rate. Hedging Going long and short in various non correlated or negatively correlated assets to seek out a high sharpe ratio and have a higher risk free return that is market neutral. Basic hedge fund stuff. The variety and price efficiency of futures makes things pretty attractive in this area.
SUBCULTURE
Wallstreetbets is a community that has become infamous for the most wild west, moon or cardboard box trades on the planet earth. WSB is a place where you can take out thousand dollar loans, refinance your homes, cash advance all of your credit cards only to put it all on JNUG, and we will still love you. Your mother won't. Your father will never understand your spectrum of autism, but we will always love you. It is a uniquely beautiful community focused on praising its biggest losers as much as its biggest winners. To begin on the subculture, we should define some key moments in the sub's history.
HISTORY: (As made by u/digadiga) + my additions
2012: Jartek [+1] creates /wallstreetbets, and word slowly starts to ooze out. 2013: americanpegasus discovers pennies. AP has seen the light, and is a penny stock evangelist. Jartek & AP have an epic options vs pennies battle - they both lose a couple of hundred bucks, but we are entertained, and WSB is officially born. AP blows up his retirement, swears off pennies and moves onto bitcoins. 2014: fscomeau [+3] discovers options. He repeatedly bets five figures on AAPL calls before earnings. FS claims a supernatural clairvoyance of AAPL. FS then posts about his chest pains and ER visits. He finally suffers an epic loss. Is he dead? Is he alive? Is he is mother? Is he banned? Who cares? 2015: Photos from the 3rd annual meetup are posted. Where a bunch of dudes hang out on the romantic beaches of Guerrero Mexico. In a completely unrelated event, the wsb banner is changed to thousands of ejaculating dicks. Modpocalypse occurs. Hundreds of random users are added as moderators for a few months. None of the new mods can change the CSS. The constant whining about how "wsb isn't what it used to be" continues. Someone attempts to show how selling covered calls is idiot proof, but gets lazy, bets all six figures on Apple, and suffers significant losses. Robinhood gets popular. Should you buy one share of AMZN or one share of GOOGL? Who gives a fuck. 2016: Everyone starts saying "go fuck yourself." Except me. Because I am what I am. And if you don't like it, you can all go fuck yourselves. u/World_Chaos performs one of the more impressive yolo's of the sub, starting with 900 dollars, and turning it into 55k. https://www.reddit.com/wallstreetbets/comments/414blh/yofuckinglo_900_to_55k_in_12_days/?ref=share&ref_source=link 2017: u/fscomeau preforms what he calls "The Final Yolo", a 300k trade against AAPL before earnings (that I, u/thor303456 inversed), supposedly supposed to net fscomeau 2.5 million or so, in which he will finally stop trading. FSC is featured on several market related articles and newspapers, showing up on yahoo, etc. Later we find proof during his livestream of AAPL earnings that he was paper trading. Even later, FSC writes a near 200 page book called "Wolfie Has Fallen" describing how he trolled the entire internet, some following him into that AAPL trade. Martin Shkreli visits the sub and proclaims that GILD pharma is worth over $100 a share and is deeply undervalued.
KEY FIGURES:
Donald J Trump - He is the Marmalade Manchurian, the Tangerine Tycoon, and our spray tan Stalin. Unbelievable night of election. WSB demographics show a primarily capitalist and right wing (or at least joking to be so) point of view, and thus we are generally pro trump. In actuality though, WSB is focused on pro-market, which Trump happens to be.
u/Jartek - Founder of the sub, original yoloer. Believe he has retired from reddit for the most part. Mostly inactive.
u/Fscomeau - The Canadian as some call him, and perhaps one of the most profound internet trolls of 2016-2017. A French-Canadian trader who deals with mostly options. The man has been called "The Great Inverse", and for a good reason. Nearly all of the trades or statements he made on WSB were completely wrong or mostly wrong. Truly the strongest technical indicator.
Martin Shkreli - An idol to many WSBers, Martin stands as the master of the biotech sector. A very debated character for very stupid reasons. Martin regularly tweets about the stock market, occasionally does a youtube channel, and livestreams fairly regularly.
u/theycallme1 - Educated trader, and mod of WSB. Roasts people often and roasts them good. Ask him the questions that aren't stupid. One of the most active mods.
u/world_chaos - some fucking college student with some real net worth. Sits on 100k or so (needs verification), and was an inspiring yoloer to all, with his 900 to 55k yolo with options.
Lingo, Terminology, and Nomenclature:
The Faggots Delights - Truly the most suicidal, yet clearest shot to the moon. This term is usually used to define either weekly, or daily option plays on the SPY/SPX. Some users trade them very profitably, such as u/MRPguy and many in the past.
Cuck - Truly the worst thing you could be. A cuck is a man who likes watching his wife/girlfriend fuck other guys. Weak, spineless, and a term often throw around here.
The YOLO - You only live once. This is something that is, and should be realized as undeniably true. Why are you sitting on a 5k emergency fund that is making you less interest in a year than what I just made in 10 minutes? Why haven't you used all of the credit on your 5 credit cards or used your testicles as collateral for a loan yet? YOLO or YOLOING is as much a psychological decision to embrace absurdism, and win with everything you have while risking it all. Yolo is what it means to be a WSB trader.
Bagholding or a Bagholder - When you're stuck with the most ass trade of your life, because you know it'll go back up. A bagholder is the 59 year old guy at the grocery store who won't quit his Job because he knows he only has to wait another year until he gets a return on his investment (of his life). Anyone holding SUNEQ is the definition of a bagholder.
Autists - Something we embrace, something we call each other, something we all are. Autism isn't used in an offensive way as much as it is a generally accepted term that defines us. The best traders have autism because of their distance from emotion. I bet you never made it to this part of the reading because you're such a damn autist.
Tendies - Tendies are what you get after you make a small amount of money. "I SOLD AMD TODAY FOR A $13 DOLLAR PROFIT, GOING TO MCD's TO GET MY TENDIES". Tendie money is usually shameful and insignificant, but at least it got you tendies. Chicken tenders at McDonalds are the least expensive for the most cholesterol.
I know some of the writing was half ass, full of errors, or otherwise not the best explanation. But I believe this will serve its purpose, and maybe help to promote new ideas from moderately educated traders. WSB has very strong traders, and the most uniquely risky trading styles on the planet. Hopefully this can serve to better the overall community.
You guys are all faggots, upvote this so we can get the noobs to stop trying to bite on our cocks.
Also I'd really appreciate input on anything to add to this overall. It took my over 3 hours to write up, so I eventually grew tired and probably have missing spots.
Enjoy your time here at WSB.
EDIT: Added a shit ton of stuff, fixed errors. THANKS FOR ALL OF YOUR INPUT, ACTUALLY MAKING WSB GREAT AGAIN
MODS: Can we make this editable by others mods or something? My fingers aren't enough. Seems like this could serve as a good "official" thing. Paging u/theycallme1 u/CHAINSAW_VASECTOMY etc
submitted by Thor303456 to wallstreetbets [link] [comments]

Long Response to Scott's Tax Posts

I've been reading the series of posts about these tax cuts and the associated discussion with great interest. I think it has been a very good, civil discussion, and there have been many enlightening viewpoints given. I also think a bunch of the discussion is based on a number of misunderstandings and/or misconceptions held by people on both sides of the debate, our own dear correspondent included. To respond properly to these misconceptions requires a post a bit longer than a traditional comment, hence this post. I hope that this can serve as another contribution to what I feel has been a productive discussion.
 
First off, some background on myself, since I am a newcomer to this forum. I work in finance, so while not being an economist, I am at least economist adjacent. I would self-describe my economics knowledge as roughly in line with someone who graduated from an upper tier college with an undergrad degree in economics, or maybe a first year grad student. (I myself have a Masters in Finance, and seven years work experience in various finance roles under my belt) All this to say that I at least have a working knowledge of most of the relevant theories, and a capacity to examine most underlying assumptions in various plans.
 
Let's also get another point out of the way; I think this particular tax bill, as drafted, is an absolute dog. This article, in the "Fun with Taxes" Section does a decent job of explaining why. In particular, the number of distortions and inefficiencies that this bill creates is at least as large as the number of inefficiencies it removes. The Pass-through income provision strikes me (and the author of the linked article) as particularly egregious, and seems, to me, to be a blatant giveaway to anyone rich and/or savvy enough to take advantage of it, while also creating massive loopholes that it purports to be removing. So, that's out of the way; I'm not going to try to defend this tax bill on its substance, because I think that's a losing battle. However, I am going to try to defend it on its principles. I think the best way to try that is to just walk through our dear correspondent's posts up to this point, and try to correct some of the more glaring issues I see with them.
 
THE TAX BILL COMPARED TO OTHER VERY EXPENSIVE THINGS
 
Before Scott accepts any of the numbers that he used on his chart at face value, I would encourage him to re-read his post, Considerations on Cost Disease. It's laughable to suggest that the U.S. Government could solve homelessness for $23B / year, truly. We spent $70B in 2016 on Food Stamps alone, you seriously think we could end homelessness for 1/3 of that budget? Similarly, Bernie's estimated $47B/ year for free college tuition for all relied on some, ah, dubious assumptions. This is before we even get into the current discussion about whether all that college is even worth it. When Scott says we could fund the Apollo Program nine times over, he conveniently forgets that the cost of the Apollo Program in 2017 dollars was $110B, and that's before we take into account the fact that everything the government does costs 5x as much as it should and no one knows why. Now is also a good time to mention that SpaceX runs on ~$1B per year, providing a bit of perspective on the relative efficiency of government vs free enterprise. Obviously, vast technology gains have been made since the 1970s, but it's pretty reasonable to suggest that a similar operation to SpaceX, but funded by the government, would be at least an order of magnitude more expensive. The numbers quoted for solving world hunger and universal healthcare don't ring particularly true to me either.
 
There are two numbers on there that seem pretty accurate, and unsurprisingly they are also the least inflammatory: the Bush Tax Cuts, and the Obama Stimulus. Incidentally, I, who voted for Obama precisely zero times, thought those stimulus measures were a good, even great, idea. I also think that a hypothetical, actually effective version of this bill would be a good idea. Furthermore, the majority of the complaints about this bill have not been of the form "Why can't we just do the Obama stimulus again? That would be so much more effective than this tax cut!" They have largely been in keeping with the tone Scott adopts here, which is "Why can't we do [thing that the government cannot accomplish], instead? That would be so much better!" Well, yes, solving homelessness for $23B would be better than this tax cut. It would also be nice to give everyone a $25k Universal Basic Income for the same price tag as the tax cut. Unfortunately, reality dictates that we would only be able to pay for a much smaller UBI for the same price. We need to focus on comparing to realistic expectations for the current government, rather than what might be possible if huge efficiency gains were made.
 
RESPONSE TO COMMENTS: THE TAX BILL IS STILL VERY BAD
 
I have less of a problem with the substance of this post, but more of a problem with the underlying assumptions Scott uses to arrive at his arguments. Again, let's reiterate that I think the bill is poorly drafted, and that I even think the alternative Scott suggested would be better than the current bill. Unfortunately, that's not so much a ringing endorsement of Scott's plan as it is a repudiation of the many problems with this bill. Part of the response was going to be essentially point 1 and 2 that Scott acknowledges at the beginning of his next post, so I won't elaborate on that any further than to say that the current regime of corporate taxation in America is extremely inefficient, and any plan that improves that state of affairs is a definite positive. There's a number of other points that I think are worth expounding upon however.
 
Scott points out the disconnect between economic growth and the fortunes of the majority of people in the last few decades. He's right, there definitely is something at work that is causing the most productive people to accrue the lion's share of economic gains in recent history. I think that topic is hugely complex, and it's clear that tax policy is, at best, a mere subset of the many causes of the phenomenon. (For my two cents, I think the two biggest causes are increased globalization, and increased scalability of new technology. Henry Ford was limited by how many cars he could produce, and largely by the American market. Mark Zuckerberg has no such limits on either front. I also think both globalization and scalable technology are net positive forces that have the drawback of exacerbating inequality.) I am not the artist that Scott is when it comes to medical related similies, but curbing inequality through tax policy seems to me like treating cancer with morphine. It may make you feel better, but you aren't addressing the underlying condition.
 
Scott then performs a surprisingly strong worded and vitriolic diatribe for someone who admits a layman's understanding of the issue at hand. Frankly, it was off putting and out of character. I won't get into that any further, however. What I want to address is what seems to be an underlying assumption that drove most of the rest of his post. Namely, he treats things that he considers to be important as terminal values for the government.
 
The most revealing sentence, I think, was this: [If the tax bill works, investment increases and turbo charges the economy, and poor and middle class people get more money] "then the good thing that happens is that poor and middle-class people have more money" (emphasis my own.) With all due respect, Scott, I think that spending money on investment and turbo-charging the economy, are noble goals in and of themselves. Of course, it would be better if they also resulted in the average person improving their economic station. Similarly, I think that on an isolated basis, a straight tax cut to the lower and middle class would be one of the most efficient ways to fulfill the goal "improve the economic station of the lower and middle class" in the short term. However, I think a more effective method of fulfilling that goal would be to take a longer term view and try to address the actual cause of the problem, which is more complicated and unrelated to tax policy.
 
I think that often, criticisms of the government allow perfect to be the enemy of good. If a program only increases spending on investment and turbo charges the economy, but doesn't help lower and middle class people, then it is suddenly an unacceptable option. The U.S. political system serves many interests, and many of those interests are often competing. As long as a particular policy is, on the balance, a net positive, then it should at least be considered a viable option (of course, there are many examples of seemingly net positive policies that are not good ideas for any number of reasons.) Scott seems to be making this sort of argument, while also not acknowledging that there are other perspectives on this issue that have different priorities.
 
TAX BILL 3: DON’T MESS WITH TAXES
 
I'm not going to disagree with his first point. I agree that I don't think the bill as drafted will stimulate growth very much. It doesn't do all that much to eliminate inefficiencies, and it creates quite a few, so it's at best a wash. I think this point is correct.
 
I very strongly disagree with the second point though. In fact, I think the viewpoint that Scott advocates in support of this concept is perhaps the biggest contributor to the mess we have found ourselves in. There's going to be some math in this but I will try to keep it as simple as possible.
 
Let's take the exact same town, with 1000 people, the effective altruist Alice, and the demon-cursed Bob. Let's throw in a few more details. Before Bob was cursed by the demon, everyone in town made $1000 per year, and paid $200 in taxes. The GDP of the town was $1 million per year, with $200,000 going to taxes to pay for various frivolous services that the townsfolk deem necessary to live their frivolous lives (per Scott's opinion.) To make the math easier, let's say that the demon curses Bob to destroy 5x the wealth he pays in taxes. After the curse, there's only $999,000 in GDP, which results in $199,800 in tax revenue. The demon has basically removed Bob from the town, economically speaking. All the contributions he makes are nullified by the effect of the demon's curse.
 
Now Scott gets elected president of the town. As promised, he takes the taxes on Alice down to $0. To make up for the lost revenue, he raises the taxes on everyone else by $0.20. Sure, Bob's curse destroys another $1 from the town's wealth, but that's an easy trade! We just paid $1 of frivolous wealth from frivolous people to accomplish $200 of stuff that matters. I'd do that every day and twice on Sunday.
 
A few thing happen after this however. First, the demon curses ninety nine more people, each also named Bob. The GDP of the town now drops to $900,000, and the effect of the tax is now $100 in lost wealth. That's not good, but the tax cut is still a good idea. $200 is way bigger than $100. In fact, even more good news is that seeing the tax cut inspires another ninety nine people to take up Alice's cause! Scott gleefully cuts their taxes too. We just created $20,000 in real, tangible progress, and all it cost was $10,000 of destroyed wealth.
 
Of course, the non-Alice townsfolk are less happy. They should have taken home $900k last year, $720k after tax. (Remember that there are now 100 Alices) They also should have had $200k dollars to pay for the governmental programs that they find important. After the demon's curse, that $900k decreased to $810k, the $720k decreased to $650k, and the $200k decreased to $180k. To add insult to injury, Scott's tax cut destroyed another $10,000, and raised the taxes on them even further. After Scott's tax cut, they now earn $800k, and take home $620k, but still have the same $180k of government spending. Their take home wages are down almost 20% in one year, and they are flipping mad.
 
Next year, Moloch runs against Scott in the local election. He says "Vote for me, and I will cut your taxes. I will make everyone who votes for Scott pay for it." The vote is split 800 - 200 for mathematical convenience, with all the Alices and Bobs voting for Scott, and everyone else voting for Moloch. In order to fund the tax cut to his favored consituents, Moloch raises the taxes on Alice and Bob to 100%. Alice is now not only unable to donate to her favored cause, but also unable to eat. Meanwhile, since the Bob's face a combined tax burden of $100k, they wipe out half of the GDP of the town through the demon's curse. The townspeople, being unaware that their taxation of Bob is the cause of this sudden decrease in their GDP, turn their hatred outward, blaming outsourcing or the decline of their favored industry for the town's sudden decrease in fortune. Moloch rules the town with an iron fist, and the GDP never recovers.
 
The point of this is that if you can direct money towards a favored constituency, then so can the opposition. And as long as you two continue trading power back and forth, then you will continue to break off pieces of the pie for your ingroup, while hurting everyone bit by bit. The purpose of a tax policy, therefore, not be to decide where we raise the funds from, but rather it should be to raise the appropriate amount of funds in the most efficient manner possible. To invite efficiency losses in the service of raising money from the "right" places is to invite ruin. How we spend the money that we raise can and should be an open and separate question. Unfortunately, these two questions are also frequently conflated. Nonetheless, when we are thinking about taxation, the operative question should be "What is the most effective way of doing this?" We should then set the level of taxation at a level commensurate with the level of spending that we deem necessary, subject to the deficit. "Necessary" spending is a whole different topic that really shouldn't be mixed with taxation, as it is complex enough as it stands.
submitted by azerusa to slatestarcodex [link] [comments]

A guide on crypto tax loss harvesting

Engaging in tax loss harvesting with your cryptocurrency assets is one of the single most effective ways to reduce your tax bill for the year. It’s no secret that cryptocurrencies are extremely volatile. This and a number of other characteristics make it an unusually effective candidate for tax loss harvesting strategies. This guide outlines what tax loss harvesting is, how you can use it to reduce your bitcoin and crypto tax liability.
Tax Loss Harvesting - What Is It?
Tax Loss Harvesting is the practice of selling a capital asset at a loss to offset a capital gains tax liability. By realizing or “harvesting” a loss, investors are able to offset taxes on both gains and income. This is a tax reduction strategy commonly used in the world of stocks and securities.
An Example
John buys $1,000 of Apple stock and $2,000 of Tesla stock in a given year. While holding these investments, the value of John’s Apple stock rises to $1,500 while Tesla drops to $1,700. John sells all of his Apple stock for $1,500.
Without Tax Loss Harvesting
Without harvesting his losses in Tesla stock, John has a $500 capital gain for the year from the sale of his Apple stock. John pays taxes on all $500 of this capital gain.
With Tax Loss Harvesting
Rather than continuing to hold his Tesla stock, John can harvest his losses in Tesla by selling before year-end. Capital gains and losses get summed together for the year resulting in either a net gain or loss. John’s net capital gain is now only $200 for the year ($500 - $300). In this scenario, John only pays taxes on $200 of net capital gains rather than $500.
Tax Loss Harvesting With Cryptocurrencies
Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell/trade crypto to harvest losses and reduce your tax liability. Unlike stocks however, cryptocurrencies have unique characteristics that make them even better candidates for tax loss harvesting. We discuss these below.
Wash Sale Rules
A wash sale results when you incur a capital loss, and then buy the same security back within a 30-day window before or after the capital loss is incurred. This rule is designed to prevent investors from taking capital losses in one year and then immediately buying back the stock. The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.
Volatility
Cryptocurrencies are extremely volatile—more so than traditional assets. This volatility means that investors regularly have opportunities to realize and harvest capital losses. The difficult part for investors is identifying which of their cryptocurrencies in their portfolio have the highest cost basis (original purchase price) when compared to the current market price. These are the assets that present the greatest opportunity for tax savings. CryptoTrader.Tax has a tax loss harvesting tool built into the app that allows users to automatically identify which of their cryptocurrencies present the greatest loss harvesting opportunity.
An Example
Amy has made $15,000 in capital gains from investing in the stock market this year. Amy has also been investing in cryptocurrencies like bitcoin, XRP, and Ethereum. In December, Amy imports her cryptocurrency transactions into CryptoTrader.Tax and notices that her investments are down over $20,000 for the year. To harvest these losses, Amy trades all of her cryptocurrencies into Litecoin (thus incurring a taxable event and realizing her losses). Amy’s losses in cryptocurrency complete offset all of her stock market gains, and she’s left with a $5,000 capital loss for the year.
Net Capital Losses Up to $3,000 Offset Ordinary Income
Whenever total capital gains and losses for the year add up to a negative number, a net capital loss is incurred. If the net capital loss is less than or equal to $3,000 ($1,500 if you are married and filing a separate tax return), then that entire capital loss can be used to offset other types of income—like the income from your job. Net losses exceeding $3,000 are rolled forward to subsequent years.
December 31st is the Cutoff - Time is of The Essence!
It is important to keep in mind that the tax year ends on Dec. 31st—even though the filing deadline isn’t until April 15th. This means that you must harvest your losses prior to the end of the year if you want them to impact that year’s taxes. Many investors delay only to realize that they could have saved money on their tax bill if they would have sold or realized losses back in December. By then it’s too late.
submitted by dudeson55 to CryptoMarkets [link] [comments]

My List of Crypto Tax Questions

1.) Are crypto transactions pre-2018 like-kind transactions?
2.) If you invested in an ICO through a SAFT, what is the cost basis for the token?
3.) Can you participate in a syndicate and pool money as an investment club? SPV? LP?
3a.) If someone invests through a SAFT, but pools money, is the person signing the SAFT responsible for all taxes or can they distribute the taxes to pool members? How?
3b.) Is the taxable event when you send to the pool or when the syndicate leader sends to the SAFT address?
4.) How do wash sales work for crypto?
5.) How do you report transactions from a DEX if it doesn’t store records of transactions?
6.) How do you report privacy coin transactions?
7.) If there is a theft or loss, is it based of your original cost basis or the fair market value at the time of loss?
8.) Do you have to file a FBAR for using a foreign exchange? For using a hardware wallet?
9.) Can you share a wallet with a friend or family member?
10.) Is giving a gift of 1 eth first considered cashing out into USD and therefore a taxable event before the gift?
11.) Are you able to choose between FIFO, LIFO, HIFO, or Specific Identification?
12.) If you want to cash out a token into USD but you first have to go through ETH to cash out on Coinbase, does FIFO apply in this situation, forcing you to cash out your oldest ETH?
13.) Are unwanted airdrops taxable? What is the cost basis? What if you are spammed with unwanted airdrops?
14.) Is the Bitcoin Cash cost basis when the fork happened or when it was airdropped by Coinbase? Is the cost basis for a forked coin always $0?
15.) Can you file as a 474 MTM day trader even though crypto is considered a property?
16.) Is changing a place holder token like EOS into a main net coin a taxable event?
17.) How do you treat transaction fees for just sending crypto between wallets?
18.) Are transfers considered taxable events? Coinbase seems to think so.
19.) How would using a ETH lending platform like SALT, Sweetbridge, or Maker, be looked at tax wise? Is it considered cashing out and a taxable event?
20.) How do you calculate taxes for margin or futures trading?
21.) Is it a company expense if you use utility tokens like ETH to make your dapp function?
22.) Can you write off investing in a non profit coin on your taxes?
23.) What is the cost basis for someone that was given a Bitcoin? What is the cost basis for someone who inherits a Bitcoin?
23a.) What if the donors basis was higher than the market value of the Bitcoin at the time of gift and there was a capital loss?
24.) What is the cost basis for crypto donations? If you bought BTC at 20k and now it is 8k, can you claim a deduction for the 20k cost basis?
25.) Is it possible to invest in crypto through a Self-Directed Roth IRA so you don’t have to pay any taxes on capital gains one day?
26.) Do you have to file a Section 83b election for all tokens received as income, including advisor tokens?
27.) Is buying a coffee with Bitcoin a taxable event?
submitted by speedyarrow415 to ethtrader [link] [comments]

Complete guide on how to harvest losses before the end of the year and reduce your tax bill

Engaging in tax loss harvesting with your cryptocurrency assets is one of the single most effective ways to reduce your tax bill for the year. It’s no secret that cryptocurrencies are extremely volatile. This and a number of other characteristics make it an unusually effective candidate for tax loss harvesting strategies. This guide outlines what tax loss harvesting is, how you can use it to reduce your bitcoin and crypto tax liability.
Tax Loss Harvesting - What Is It?
Tax Loss Harvesting is the practice of selling a capital asset at a loss to offset a capital gains tax liability. By realizing or “harvesting” a loss, investors are able to offset taxes on both gains and income. This is a tax reduction strategy commonly used in the world of stocks and securities.
An Example
John buys $1,000 of Apple stock and $2,000 of Tesla stock in a given year. While holding these investments, the value of John’s Apple stock rises to $1,500 while Tesla drops to $1,700. John sells all of his Apple stock for $1,500.
Without Tax Loss Harvesting
Without harvesting his losses in Tesla stock, John has a $500 capital gain for the year from the sale of his Apple stock. John pays taxes on all $500 of this capital gain.
With Tax Loss Harvesting
Rather than continuing to hold his Tesla stock, John can harvest his losses in Tesla by selling before year-end. Capital gains and losses get summed together for the year resulting in either a net gain or loss. John’s net capital gain is now only $200 for the year ($500 - $300). In this scenario, John only pays taxes on $200 of net capital gains rather than $500.
Tax Loss Harvesting With Cryptocurrencies
Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell/trade crypto to harvest losses and reduce your tax liability. Unlike stocks however, cryptocurrencies have unique characteristics that make them even better candidates for tax loss harvesting. We discuss these below.
Wash Sale Rules
A wash sale results when you incur a capital loss, and then buy the same security back within a 30-day window before or after the capital loss is incurred. This rule is designed to prevent investors from taking capital losses in one year and then immediately buying back the stock. The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.
Volatility
Cryptocurrencies are extremely volatile—more so than traditional assets. This volatility means that investors regularly have opportunities to realize and harvest capital losses. The difficult part for investors is identifying which of their cryptocurrencies in their portfolio have the highest cost basis (original purchase price) when compared to the current market price. These are the assets that present the greatest opportunity for tax savings. CryptoTrader.Tax has a tax loss harvesting tool built into the app that allows users to automatically identify which of their cryptocurrencies present the greatest loss harvesting opportunity.
An Example
Amy has made $15,000 in capital gains from investing in the stock market this year. Amy has also been investing in cryptocurrencies like bitcoin, XRP, and Ethereum. In December, Amy imports her cryptocurrency transactions into CryptoTrader.Tax and notices that her investments are down over $20,000 for the year. To harvest these losses, Amy trades all of her cryptocurrencies into Litecoin (thus incurring a taxable event and realizing her losses). Amy’s losses in cryptocurrency complete offset all of her stock market gains, and she’s left with a $5,000 capital loss for the year.
Net Capital Losses Up to $3,000 Offset Ordinary Income
Whenever total capital gains and losses for the year add up to a negative number, a net capital loss is incurred. If the net capital loss is less than or equal to $3,000 ($1,500 if you are married and filing a separate tax return), then that entire capital loss can be used to offset other types of income—like the income from your job. Net losses exceeding $3,000 are rolled forward to subsequent years.
December 31st is the Cutoff - Time is of The Essence!
It is important to keep in mind that the tax year ends on Dec. 31st—even though the filing deadline isn’t until April 15th. This means that you must harvest your losses prior to the end of the year if you want them to impact that year’s taxes. Many investors delay only to realize that they could have saved money on their tax bill if they would have sold or realized losses back in December. By then it’s too late.
submitted by dudeson55 to u/dudeson55 [link] [comments]

A guide on bitcoin tax loss harvesting

Engaging in tax loss harvesting with your cryptocurrency assets is one of the single most effective ways to reduce your tax bill for the year. It’s no secret that cryptocurrencies are extremely volatile. This and a number of other characteristics make it an unusually effective candidate for tax loss harvesting strategies. This guide outlines what tax loss harvesting is, how you can use it to reduce your bitcoin and crypto tax liability.
Tax Loss Harvesting - What Is It?
Tax Loss Harvesting is the practice of selling a capital asset at a loss to offset a capital gains tax liability. By realizing or “harvesting” a loss, investors are able to offset taxes on both gains and income. This is a tax reduction strategy commonly used in the world of stocks and securities.
An Example
John buys $1,000 of Apple stock and $2,000 of Tesla stock in a given year. While holding these investments, the value of John’s Apple stock rises to $1,500 while Tesla drops to $1,700. John sells all of his Apple stock for $1,500.
Without Tax Loss Harvesting
Without harvesting his losses in Tesla stock, John has a $500 capital gain for the year from the sale of his Apple stock. John pays taxes on all $500 of this capital gain.
With Tax Loss Harvesting
Rather than continuing to hold his Tesla stock, John can harvest his losses in Tesla by selling before year-end. Capital gains and losses get summed together for the year resulting in either a net gain or loss. John’s net capital gain is now only $200 for the year ($500 - $300). In this scenario, John only pays taxes on $200 of net capital gains rather than $500.
Tax Loss Harvesting With Cryptocurrencies
Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell/trade crypto to harvest losses and reduce your tax liability. Unlike stocks however, cryptocurrencies have unique characteristics that make them even better candidates for tax loss harvesting. We discuss these below.
Wash Sale Rules
A wash sale results when you incur a capital loss, and then buy the same security back within a 30-day window before or after the capital loss is incurred. This rule is designed to prevent investors from taking capital losses in one year and then immediately buying back the stock. The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.
Volatility
Cryptocurrencies are extremely volatile—more so than traditional assets. This volatility means that investors regularly have opportunities to realize and harvest capital losses. The difficult part for investors is identifying which of their cryptocurrencies in their portfolio have the highest cost basis (original purchase price) when compared to the current market price. These are the assets that present the greatest opportunity for tax savings. CryptoTrader.Tax has a tax loss harvesting tool built into the app that allows users to automatically identify which of their cryptocurrencies present the greatest loss harvesting opportunity.
An Example
Amy has made $15,000 in capital gains from investing in the stock market this year. Amy has also been investing in cryptocurrencies like bitcoin, XRP, and Ethereum. In December, Amy imports her cryptocurrency transactions into CryptoTrader.Tax and notices that her investments are down over $20,000 for the year. To harvest these losses, Amy trades all of her cryptocurrencies into Litecoin (thus incurring a taxable event and realizing her losses). Amy’s losses in cryptocurrency complete offset all of her stock market gains, and she’s left with a $5,000 capital loss for the year.
Net Capital Losses Up to $3,000 Offset Ordinary Income
Whenever total capital gains and losses for the year add up to a negative number, a net capital loss is incurred. If the net capital loss is less than or equal to $3,000 ($1,500 if you are married and filing a separate tax return), then that entire capital loss can be used to offset other types of income—like the income from your job. Net losses exceeding $3,000 are rolled forward to subsequent years.
December 31st is the Cutoff - Time is of The Essence!
It is important to keep in mind that the tax year ends on Dec. 31st—even though the filing deadline isn’t until April 15th. This means that you must harvest your losses prior to the end of the year if you want them to impact that year’s taxes. Many investors delay only to realize that they could have saved money on their tax bill if they would have sold or realized losses back in December. By then it’s too late.
submitted by dudeson55 to btc [link] [comments]

US Tax Guide for Cryptocurrencies

Introduction:  
Greetings, cryptax! Tax season is upon us, and in the next couple of months, taxpayers across the US will be filing their 2017 tax returns. As a tax professional, an Enrolled Agent, and a cryptocurrency investor and enthusiast, I wanted to write up a brief guide on how your investments in cryptocurrencies are taxed in the US.
 
 
1. Are cryptocurrency realized gains taxable?
Yes. The IRS treats virtual currency (such as cryptocurrency) as property. That means if you sell BTC, ETH, or any other cryptocurrency that has appreciated in value, you have realized a capital gain and must pay taxes on this income. If you held the position for one year or less, it is a short-term capital gain which is taxed at your ordinary income tax rate. If you held the position for more than one year, it is a long-term capital gain which is taxed at your long-term capital gains tax rate. In most cases, this is 15%, but could also be 0% or 20% depending on your specific ordinary income tax bracket.
 
2. If I sell my BTC for USD on Coinbase but do not transfer the USD from Coinbase to my bank account, am I still taxed?
Yes. The only thing that matters is that you sold the BTC, which creates a taxable transaction. Whether you transfer the USD to your bank account or not does not matter.
 
3. If I use my BTC to buy another cryptocurrency (XMR for example), is this a taxable transaction?
Most likely yes. See #4 below for a more detailed explanation. If assuming crypto to crypto trades are not able to be like-kind exchanged, then continue on to the next paragraph here.
This is actually two different transactions. The first transaction is selling your BTC for USD. The second transaction is buying the XMR with your USD. You must manually calculate these amounts (or use a website such as bitcoin.tax or software to calculate it for you). For example, I buy 1 BTC for $8,000 on Coinbase. Later on, the price of 1 BTC rises to $9,000. I transfer that 1 BTC to Bittrex and use it to buy 38 XMR. I have to report a capital gain of $1,000 because of this transaction. My total cost basis for the 38 XMR I purchased is $9,000.
 
4. If I use my BTC to buy another cryptocurrency, could that be considered a tax-free like-kind exchange?
Probably not. The new tax law says that like-kind exchanges only pertain to real estate transactions. This was done with Section 13303, which replaced “property” with “real property” for all of Section 1031 (page 72 near the bottom). My personal interpretation:
In 2018 and going forward, cryptocurrencies can definitely not be like-kind exchanged.
In 2017 and before, it is a very gray area. I personally am not taking the position that they can be like-kind exchanged, because if the IRS went after a taxpayer who did this, the IRS would probably win and the taxpayer would owe taxes, interest, and probably penalties on every single little gain made from trading one cryptocurrency for another.
Here is a great interpretation of why trading cryptocurrency for cryptocurrency is probably not a like-kind transaction.
In my opinion, the biggest factor is that like-kind exchanges must be reported on Form 8824 and not just ignored. Therefore, if a taxpayer is claiming like-kind exchanges on crypto to crypto exchanges, he or she would have to fill out a Form 8824 for each individual transaction of crypto to crypto, which would be absolutely cumbersome if there are hundreds or thousands of such trades.
Another is that there has to be a Qualified Intermediary that facilitates a like-kind exchange. So, it's a more involved process, and that's why I think cryptocurrency cannot be like-kind exchanged.
Here is another article about like-kind exchanges.
Here is the American Institute of CPAs' letter to the IRS, dated June 10, 2016, asking them to release guidance on whether crypto to crypto can be like-kind exchanged or not. The IRS has not responded to the letter.
 
5. How do I calculate the realized capital gain or loss on the sale of my cryptocurrency?
The realized gain or loss is your total proceeds from the sale minus what you purchased those positions for (your cost basis). For example, you bought 1 BTC for $3,000 in June of 2017. In December of 2017, you sold that 1 BTC for $18,000. Your realized gain would be $18,000 - $3,000 = $15,000. Since you held it for one year or less, the $15,000 would be a short-term capital gain taxed at your ordinary income tax rate.
 
6. Which BTC's cost basis do I use if I have multiple purchases?
The cost basis reporting method is up to you. For example, I buy my first BTC at $3,000, a second BTC at $5,300, and a third BTC at $4,000. Later on, I sell one BTC for $8,000. I can use:
FIFO (first in first out) - cost basis would the first BTC, $3,000, which would result in a gain of $5,000.
LIFO (last in first out) - cost basis would be the third BTC, $4,000, which would result in a gain of $4,000.
Average cost - cost basis would be the average of the three BTC, $4,100, which would result in a gain of $3,900.
Specific identification - I can choose which coin's cost basis to use. For example, I can choose the second BTC's cost basis, $5,300, which would result in the lowest capital gains possible of $2,700.
The IRS has not given any guidance on cost basis accounting methods for cryptocurrency, but I am taking the position that any method can be used, and that you can change your method at any time as you please (e.g. FIFO for one year, LIFO for another. Or, FIFO for the sale of a specific lot, then LIFO for the sale of another lot on the same day).
 
7. If I end up with a net capital loss, can I claim this on my tax return?
Capital gains and capital losses are netted on your tax return. If the net result of this is a capital loss, you may offset it against ordinary income on your tax return, but only at a maximum of $3,000 per year. The remaining losses are carried forward until you use them up.
 
8. What is the tax rate on my capital gains?
If long-term, the tax rate is 0%, 15%, or 20%, depending on your ordinary income tax bracket. If short-term, the tax bracket you’ll be in will depend on your total income and deductions. The ordinary income tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% in 2017 and 10%, 12%, 22%, 24%, 32%, 35%, and 37% in 2018 and going forward.
Here are the 2017 and 2018 ordinary income tax brackets.
Here are the 2017 and 2018 long-term capital gains tax brackets.
Here is a detailed article on how the calculation of long-term capital gains tax work and how you can take advantage of the 0% long-term capital gains rate, if applicable.
 
9. If I mine BTC or any other cryptocurrency, is this taxable?
Yes. IRS Notice 2014-21 states that mining cryptocurrency is taxable. For example, if you mined $8,000 worth of BTC in 2017, you must report $8,000 of ordinary income on your 2017 tax return. For many taxpayers, this will be reported on your Schedule C, and you will most likely owe self-employment taxes on this income as well. The $8,000 becomes the cost basis in your BTC position.
 
10. How do I calculate income for the cryptocurrency I mined?
This is the approach I would take. Say I mined 0.01 BTC on December 31, 2017. I would look up the daily historical prices for BTC and average the high and low prices for BTC on December 31, 2017, which is ($14,377.40 + $12,755.60) / 2 = $13,566.50. I would report $13,566.50 * 0.01 = $135.67 of income on my tax return. This would also be the cost basis of the 0.01 BTC I mined.
 
11. Can I deduct mining expenses on my tax return?
If you are reporting the income from mining on Schedule C, then you can deduct expenses on Schedule C as well. You can deduct the portion of your electricity costs allocated to mining, and then you depreciate the cost of your mining rig over time (probably over five years). Section 179 also allows for the full deduction of the cost of certain equipment in year 1, so you could choose to do that if you wanted to instead.
 
12. If I receive BTC or other cryptocurrency as a payment for my business, is this taxable?
Yes. Similar to mining, your income would be what the value of the coins you received was. This would also be your cost basis in the coins.
 
13. If I received Bitcoin Cash as a result of the hard fork on August 1, 2017, is this taxable?
Most likely yes. For example, if you owned 1 Bitcoin and received 1 Bitcoin Cash on August 1, 2017 as a result of the hard fork, your income would be the value of 1 Bitcoin Cash on that date. Bitcoin.tax uses a value of $277. This value would also be your cost basis in the position. Any other hard forks would probably be treated similarly. Airdrops may be treated similarly as well, in the IRS' view.
Here are a couple more good articles about reporting the Bitcoin Cash fork as taxable ordinary income. The second one goes into depth and cites a US Supreme Court decision as precedent: one, two
 
14. If I use BTC or other cryptocurrency to purchase goods or services, is this a taxable transaction?
Yes. It would be treated as selling your cryptocurrency for USD, and then using that USD to purchase those goods or services. This is because the IRS treats cryptocurrency as property and not currency.
 
15. Are cryptocurrencies subject to the wash sale rule?
Probably not. Section 1091 only applies to stock or securities. Cryptocurrencies are not classified as stocks or securities. Therefore, you could sell your BTC at a loss, repurchase it immediately, and still realize this loss on your tax return, whereas you cannot do the same with a stock. Please see this link for more information.
 
16. What if I hold cryptocurrency on an exchange based outside of the US?
There are two separate foreign account reporting requirements: FBAR and FATCA.
A FBAR must be filed if you held more than $10,000 on an exchange based outside of the US at any point during the tax year.
A Form 8938 (FATCA) must be filed if you held more than $75,000 on an exchange based outside of the US at any point during the tax year, or more than $50,000 on the last day of the tax year.
The penalties are severe for not filing these two forms if you are required to. Please see the second half of this post for more information on foreign account reporting.
 
17. What are the tax implications of gifting cryptocurrency?
Small gifts of cryptocurrency do not have a tax implication for the gift giver or for the recipient. The recipient would retain the gift giver's old cost basis, so it could be a good idea for the gift giver to provide records of the original cost basis to the recipient as well (or else the recipient would have to assume a cost basis of $0 if the recipient ever sells the cryptocurrency).
Large gifts of cryptocurrency could start having gift and estate tax implications on the giver if the value exceeds more than $14,000 (in 2017) or $15,000 (in 2018) per year per recipient.
Here's a good article on Investopedia on this issue.
An important exception applies if the gift giver gives cryptocurrency that has a cost basis that is higher than the market value at the time of the gift. Please see the middle of this post for more information on that.
 
18. Where can I learn even more about cryptocurrency taxation?
Unchained Podcast: The Tax Rules That Have Crypto Users Aghast
IRS Notice 2014-21
Great reddit post from tax attorney Tyson Cross from 2014
 
19. Are there any websites that you recommend in helping me with all of this?
Yes - I have used bitcoin.tax and highly recommend it. You can import directly from an exchange to the website using API, and/or export a .csv/excel file from the exchange and import it into the website. The exchanges I successfully imported from were Coinbase, GDAX, Bittrex, and Binance. The result is a .csv or other file that you can import into your tax software.
I have also heard good things about cointracking.info but have not personally used it myself.
 
20. If I move my BTC from one exchange to another, or into a hard wallet, is this a taxable event?
No - you are not selling anything, so no gains are realized.
 
21. Where do I report cryptocurrency sales on my tax return?
The summary of your sales would reported on Schedule D on line 3 and/or line 10 depending on short-term or long-term. Supplemental Form 8949 must also be included with Box C or Box F checked depending on short-term or long-term. Form 8949 is where you must list each individual sale.
 
22. If coins become lost or inaccessible (e.g. lost or forgotten passphrase or thrown away hard drive), can I claim that as a loss? What about coins that have gotten stolen? What about losing money in investment or ICO scams (e.g. Bitconnect or Confido)?
These are really tricky questions. Unfortunately, the potential to claim such a loss against ordinary income is very low, especially with the new tax law. At the very least, capital losses can be claimed, but the deduction is capped at $3,000 per year against ordinary income with the rest carrying forward indefinitely.
The new tax law changed the casualty and theft loss to only apply to presidential disaster areas, so at least in the case of a loss passphrase, I think the answer is no for 2018 and going forward. For 2017, the answer is possibly yes. Here is an article on the subject if you are interested in reading more.
 
23. Taxation is theft!
Sorry, I can't help you there.
 
 
That is the summary I have for now. There have been a lot of excellent cryptocurrency tax guides on reddit, such as this one and this one, but I wanted to post my guide on cryptax which hopefully answers some of the questions you all may have about US taxation of cryptocurrencies. Please let me know if you have any more questions, and I’d be happy to answer them to the best of my ability. Thank you!
Regarding edits: I may make many edits to my post after I originally post it. Please refresh to see the latest edits to my guide. Thank you.
 
Disclaimer:
The information contained within this post is provided for informational purposes only and is not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Any U.S. federal tax advice contained in this post is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an advisor-client relationship. Internet users are advised not to act upon this information without seeking the service of a tax professional.
submitted by Nubboi to cryptax [link] [comments]

My Comment on: John McAfee: Taxation Is Illegal - Part 2, Responding to replies on the 16th Amendment (and a conclusion on how Bitcoin Cash helps)

I had a popular comment on this recent popular /btc thread: John McAfee: Taxation Is Illegal, And I Have Not Filed A Tax Return In 8 Years
I attempted to clarify the legal argument of "tax protesters" like John McAfee (note: like Peter Schiff, I don't recommend people immediately stop paying taxes unless they know what they're doing/in for; more on this later). Several commenters replied asking if the 16th Amendment didn't in fact negate my argument. I created a new post because it requires more than a few sentences to adequately respond. People have gone to jail over this stuff, as it gets complicated. For those with limited attention please skip to the TL;DConclusion for the most important part. Others may find a benefit to reading as it will make you a more effective tax protester or possibly a new one.
There are several problems with the Sixteenth Amendment to the United States Constitution
Problem #1 - The 16th Amendment doesn't appear to have been properly ratified
A proposed amendment becomes part of the Constitution as soon as it is ratified by three-fourths of the States. source However, tax protesters argue the 16th Amendment was likely not properly ratified. This site details the findings of Bill Benson, author of The Law that Never Was, on why the 16th Amendment wasn't properly ratified. The official position of the government, of course, is that it in fact was ratified properly. My conclusion is the situation is dubious at best.
Problem #2 - The text of the 16th Amendment doesn't undo the original wording in question
Here is the exact wording of the 16th Amendment:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Notice how nothing is said about the original wording of the Constitution this amendment aims to address. As stated in my original comment that wording is in two places:
Article I, Section 2: direct Taxes shall be apportioned among the several States
Article I, Section 9, Clause 4:No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or enumeration herein before directed to be taken.
For the 16th Amendment to NULLIFY existing stated requirements it must explicitly do so. For example, the amending text could instead start with "This hereby repeals any existing requirement that Direct taxes be apportioned by states or in proportion to any census or enumeration." Now, that is explicit. That is clear. That is NOT what the 16th Amendment says. Why not? If I could think of it, couldn't legal experts in the early 1900s? Is the reason such clear text isn't there because it would be harder to get that properly passed by the States?
Since it doesn't explicitly repeal anything we must therefore conclude the original requirements REMAIN IN EFFECT. What then does the 16th Amendment do, if anything? Again, look at the wording. It is very clear. It says Congress has the power to collect taxes on INCOMES from whatever source derived and without any apportionment requirement.
Let's pause right there. What is "income"? That's the explicit key word, income. The dictionary definition is "a coming in". For example, if one is standing and an airplane shoots a missile at them, that would be an appropriate time to say "missile incoming!" In other words, to have something coming in doesn't require the recipient do anything. The action of coming in happens independently by definition. An example of monetary income is a savings account earning interest. At intervals additional money is added to the account automatically. The money has come in, regardless of action of the account holder. Similarly, payments from winning a lottery or gaining an inheritance would qualify as "income" because those would be come in by mail or other means to the recipient automatically, independent of any action. These are fitting monetary definitions of income. By contrast, showing up on a job site, performing a task, and being handed cash at the end of that task has not anything to do with "income". That is simply an exchange of labor for something else of value, in this case the the monetary payment.
A clearer example might be workers in fields. Historically, there were vendors who set up shop selling refreshing drinks and delicious food at the edges of fields so that sometimes workers who had sweat for hours, upon being handed cash payment at the end of the day then spent everything at the vending booths! It could have been decided, to save time, the workers were instead simply rewarded with plates of food and drinks as payment, leaving cash out of the picture. Would the gov call that income? Obstinate gov lawyers might, so let's continue the thought experiment. Say a person eats a meal at a restaurant then finds they've left their wallet at home. Nervously, they tell the shop owner they're a bit drunk and prefer skipping a long drive to retrieve their wallet and would, if allowed, wash all the dishes instead to cover the meal. The shop owner could agree. Would that then be income? If so how so? If a person could trade cash for a meal and have it not be income, but trade their labor for a meal and have it be income what has changed? The same activity MUST be classified consistently. Wages on labor are NOT income, and therefore are NOT newly allowed to be taxed by the 16th Amendment.
Problem #3 - The 16th Amendment Doesn't Nullify the 5th Amendment
The 5th Amendment of course protects individuals from being forced to incriminate themselves. If it's true that filing a tax return incorrectly can result in prosecution for jail time, and federal prosecutors can use said tax returns to achieve that result, then how can the government also mandate a person potentially incriminate themselves by filing a return by a deadline, contrary to the protection of the 5th Amendment?
By the way, why is the paperwork filed at tax time called "tax returns"? How can one "return" something they never receive? The reason for the wording is the government used to handle taxes in a legally consistent way: the government would assess a person's tax liability and send them the a bill for taxes due. The individual could then review things, claim adjustments or disputes then return forms with adequate payment if any. That makes a lot more sense. In this way, the individual never admits up front they owe the government anything. People start out innocent, clear of liability. The government then makes a claim for a liability, and the individual can agree or reject and defend against it.
Individuals cannot be legally compelled to submit and sign paperwork which can then simultaneously be used to prosecute them, as that's a violation of the 5th Amendment.
TL;DR and Conclusion
Say you disagree with Problem's 1, 2, and 3, as presented. You believe the 16th Amendment was ratified properly, the text was clear enough that the people of the time knew what they were signing on to, that this includes the non-explicitly stated power to repeal the original wording of the Constitution, that "income" does include wages on labor, and individuals must file forms that can incriminate them in conflict with the 5th Amendment. Let's say you believe ALL that, because that's what's required to enforce the system as it now exists in the United States. There is still a giant problem.
Where is the law?
The 16th Amendment says Congress has the power to collect taxes on incomes, so where is the law Congress made that does this? Find me that and then maybe I'll say, yes, it can be argued the current system is above board and justifiably enforced with jail, violence and other means. I won't hold my breath.
The amazing gift the Founders gave to ordinary citizens was more than simply physical freedom. They gave people economic freedom. That's the secret to America's success. People didn't flock to America in search of handouts. They didn't come for Social Security, welfare, or other social safety nets like Obamacare, because none of that existed. They came for opportunity, they came to be free. It turns out if you simply let people keep the fruits of their own labor they are perfectly capable of prospering just fine, and the unprecedented success of the USA, being such as young country, shows the power of that simple design. America has been moving away from its founding roots, though, and has been suffering more and more various ways as a result. There are too many examples of this to list. But this is where Bitcoin comes in. The fact is Bitcoin Cash has the potential to return economic freedom to Americans, allowing them to again prosper more evenly, not just watch the top tiniest percent flourish. It doesn't stop there. Americans were fortunate to have the unique situation of such educated men leading the way out of the American Revolution and giving birth to a free country. Bitcoin Cash can deliver some of that same power to people around the world. THAT is what's so exciting and what makes so many passionate about this technology.
Happy New Year! Let's get back to work.
submitted by cryptos4pz to btc [link] [comments]

The Statue of Liberty, Mystery Babylon, Freemasonry and The New Roman Empire / Fourth Reich

The Mother of Exiles and the Destruction of Babylon

I've always thought Mystery Babylon in Revelations was America. Lots of signs point to that. Inanna/Ishtar was known as the Whore of Babylon and Mother of Prostitutes because she supposedly started the practice of sacred prostitution. Inanna was the goddess of love, beauty, sex, desire, fertility, war, combat, justice, and political power.
https://en.wikipedia.org/wiki/Sacred_prostitution
Sacred prostitution, temple prostitution, cult prostitution,[1] and religious prostitution are general terms for a sexual rite consisting of sexual intercourse or other sexual activity performed in the context of religious worship, perhaps as a form of fertility rite or divine marriage (hieros gamos). Some scholars prefer the term sacred sex to sacred prostitution in cases where payment for services was not involved.
But some scholars believe that this practice never existed and has been misunderstood.
The practice of sacred prostitution has not been substantiated in any Ancient Near Eastern cultures, despite many popular descriptions of the habit.[7] Through the twentieth century, scholars generally believed that a form of sacred marriage rite or hieros gamos was staged between the king of a Sumerian city-state and the High Priestess of Inanna, the Sumerian goddess of sexual love, fertility, and warfare, but no certain evidence has survived to prove that sexual intercourse was included. Along the Tigris and Euphrates rivers there was a temple of Eanna, meaning house of heaven[8] dedicated to Inanna in the Eanna District of Uruk.This will be relevant in my next post about the source of Yahweh's narcissism but for now, I'm just using this to illustrate part of the reason I think America is Babylon.
http://4.bp.blogspot.com/-KlpGZ9JO_d4/U0P2Y-3kfEI/AAAAAAAAMJs/PEwa9mPU67w/s1600/Lady+Liberty+-+Statue+of+Liberty+-+Inanna+-+Ishtar+-+Anunnaki.jpg
https://2.bp.blogspot.com/-tSRx02UBNgI/U0P3ep3x4TI/AAAAAAAAMJ0/rtpe2JWA2ew/s1600/Roman+statue+goddess+libertas+-+staue+of+liberty.jpg
The Statue of Liberty is a representation of the Roman goddess Libertas. Which is a goddess that derived from many other goddesses: Inanna, Ishtar, Isis, Aphrodite, Venus, etc. Ultimately this goddess was transformed in a personification of America and liberty called Columbia. And just like Inanna, is it any wonder America seems to have 2 split sides to it? One side that is sexually repressed and all about virtue. And another that is obsessed with sex, violence, war
https://en.wikipedia.org/wiki/Columbia_(name)
There's also the fact that the way Babylon is described sounds a lot like America. Getting the whole world drunk on our luxuries and riches, being arrogant and being fools who know nothing. This sounds like America too.
The Sumerians worshipped Inanna as the goddess of both warfare and sexuality. Unlike other gods, whose roles were static and whose domains were limited, the stories of Inanna describe her as moving from conquest to conquest. She was portrayed as young and impetuous, constantly striving for more power than she had been allotted.
Inanna also was depicted as riding a Lion and she associated with the planet Venus.
https://i.pinimg.com/originals/fc/b2/6e/fcb26ee6c838d85f53dada348b1d9863.jpg
http://www.mesopotamiangods.com/wp-content/uploads/2014/08/3a-Anu-Inanna-1.jpg
https://goddessinspired.files.wordpress.com/2012/06/inanna-descent.jpg
Regulus is a part of the constellation Leo and considered "the heart of the lion". Considering Regulus is a very important star in Trump's birth chart apparently, and that star was known as The King in Babylon (known as the little king as well in other places), that would make Trump the King of Babylon.
In 2014, Regulus was eclipsed by an asteroid for 14 seconds right over New York.
https://www.nymetroweather.com/tag/regulus/
An asteroid will pass directly in front of Regulus, one of the brightest stars in our night sky, next Wednesday — briefly blacking out the star in what astronomers are calling a “once in a lifetime” event. Better yet, New York City falls directly within the viewing path which is literally paper-thin on the earths scale. The event is so small, and so brief, that it will only be visible over a sliver of area. And this area happens to encompass millions of people in New York City, Northeast NJ and Long Island.
https://www.space.com/25084-regulus-star-lion-constellation-leo.html
On Thursday, March 20 2014, Regulus will participate in a rare celestial event when an asteroid passes directly in front of the star, as seen from Earth. The asteroid in question is 163 Erigone. Asteroid 163 Erigone is about 45 miles (72 km) wide, but its "shadow" slanting to Earth's surface will be 67 miles (108 km) wide.
Erigone's shadow will move on a southeast-to-northwest trajectory and will extend from New York City as well as western and central Long Island to Oswego in New York State, and then continues northwest, the length of Ontario to the Hudson Bay shore of Manitoba. Those who are within the shadow path and watching at just the right moment with just their eyes will see an amazing sight: Regulus will seem to abruptly disappear as if a switch had been thrown, blotted out by the tiny invisible asteroid.
Regulus will remain invisible for up to 14 seconds (for those situated along the center of the path); an incredible, albeit very brief occurrence.
This "once in a lifetime event" eclipsing right over New York. Where the Statue of Liberty is.
Revelations 17
There I saw a woman sitting on a scarlet beast that was covered with blasphemous names and had seven heads and ten horns. 4 The woman was dressed in purple and scarlet, and was glittering with gold, precious stones and pearls. She held a golden cup in her hand, filled with abominable things and the filth of her adulteries. 5 The name written on her forehead was a mystery:
15 Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages. 16 The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority, until God’s words are fulfilled. 18 The woman you saw is the great city that rules over the kings of the earth.”
America's colors are red, white and blue. Red+Blue = Purple. Purple apparently represents royalty as well as vanity. Scarlet represents the blood of Christ and martyrs.
The woman was dressed in purple and scarlet
https://en.wikipedia.org/wiki/Purple
The color purple is also associated with royalty in Christianity, being one of the three traditional offices of Jesus Christ, i. e. king, although such a symbolism was assumed from the earlier Roman association or at least also employed by the ancient Romans.
In Europe and America, purple is the color most associated with vanity, extravagance, and individualism. Among the seven major sins, it represents vanity. It is a color which is used to attract attention
https://en.wikipedia.org/wiki/Scarlet_(color)
In the Roman Catholic Church, scarlet is the color worn by a cardinal, and is associated with the blood of Christ and the Christian martyrs, and with sacrifice.
According to this, the creator wanted the Statue of Liberty to be covered in gold.
and was glittering with gold
https://parade.com/311395/viannguyen/10-things-you-didnt-know-about-the-statue-of-liberty-she-was-almost-gold/
**8.Bartholdi planned for the statue to be covered in gold.**In order to make the statue visible after dark, Bartholdi proposed that Americans raise the money to gild her. However, given how daunting and arduous a task it had been to gather even enough money to place the statue in New York harbor, no one followed through on paying the enormous cost of covering the massive statue in gold.
Not to mention this little interesting fact that brings the 2nd Beasts actions that are spoken of to mind.
:The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed.
:**9. Thomas Edison once had plans to make the statue talk.**When Edison introduced the phonograph to the public in 1878, he told the newspapers that he was designing a “monster disc” for the interior of the Statue of Liberty that would allow the statue to deliver speeches that could be heard up to the northern part of Manhattan and across the bay. Thankfully, no one pursued that strange promise, which would have led to the odd experience of walking in New York and suddenly hearing the Statue of Liberty “talking.”
precious stones and pearls.
http://justfunfacts.com/interesting-facts-about-the-statue-of-liberty/
There are 25 windows in the crown which symbolize gemstones found on the earth and the heaven’s rays shining over the world.
https://www.theatlantic.com/technology/archive/2016/10/that-time-the-statue-of-liberty-almost-got-a-glowing-wrist-watch/504110/
The sculptor Frédéric Auguste Bartholdi designed the statue to be fully illuminated, a feature that’s suggested in its official name, “La Liberté Eclairant le Monde,” or “Liberty Enlightening the World.” (At first the Statue of Liberty doubled as a lighthouse, given its position in the New York Harbor, but that didn’t last: It was decommissioned as such in 1902.)
Originally the lighting scheme was to be red, white, and blue—with a giant searchlight trained on the statue’s face and shoulders. Officials claimed in 19th-century newspaper accounts that they would make the statue so bright as to cast a glow on the clouds of the night sky 100 miles away. The statue’s face was to be lit by a reflector so bright that newspapers described it as “4 million candle power.” Her diadem was meant to sparkle with electric light. These were lofty goals in the dawn of the electrical age, and they carried symbolism that has lost much of its potency now that electricity is taken for granted.
https://thumbs.dreamstime.com/b/torch-statue-liberty-closeup-isolated-white-background-56181619.jpg
She held a golden cup in her hand, filled with abominable things and the filth of her adulteries.
In the torch, the flames are covered in gold. Looks enough like a cup. Also, in Isaiah 14:12 (another prophecy detailing the fall of Babylon that I didn't bother copying and pasting all of here) it refers to Babylon (or it's king) as "Lucifer, son of the morning". Lucifer means "light bringer" (hence the torch and the statue's original name being Liberty Enlightening the World) or "morning star" which is another name for the planet Venus which is associated with Inanna/Ishtar.
How art thou fallen from heaven, O Lucifer, son of the morning! how art thou cut down to the ground, which didst weaken the nations!
https://twistedsifter.files.wordpress.com/2014/07/statue-of-liberty-from-above-aerial-satellite-photo.jpg
Notice how that star shape has 11 points? Seems like a strange number.
The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority
The 10 kings + the beast = 11.
The seven heads are seven hills on which the woman sits. They are also seven kings.
It has 7 spikes coming out of the head.
https://timedotcom.files.wordpress.com/2013/06/01_00240318.jpg?quality=85
We're a very diverse country and Lady Liberty represents us taking in people from all countries. We pretty much control the world (for now) as the 7 hills represents the 7 continents, which is literally what is said they represent. Plus she's literally sitting on an island in the water.
Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages.
The creator of the Statue of Liberty, Frédéric Auguste Bartholdi, was a Freemason and they placed this plaque at the base of the statue.
https://untappedcities-wpengine.netdna-ssl.com/wp-content/uploads/iyftc1oqf704bytwz45ub151.wpengine.netdna-cdn.com/wp-content/uploads/2014/11/Statue-of-Liberty-Freemason-Cornerstone-NYC.jpg
Masonic theories abound about the Statue of Liberty’s connection to the masons. Those who do ascribe to the theory cite Bartholdi’s and Eiffel’s membership in the Freemasons, that many original plans for the statue demonstrate the link and that many elements of the statue carry symbolic meaning.
In addition, the masons presided over the cornerstone laying for the Statue of Liberty, a moment commemorated in a 1984 plaque in dedication to the masons on the 100th anniversary. In 1884, the grand master William A. Brodie laid the cornerstone with grand lodge members present. Brodie is reported to have said, “Why call upon the Masonic Fraternity to lay the cornerstone of such a structure as is here to be erected? No institution has done more to promote liberty and to free men from the trammels and chains of ignorance and tyranny than has Freemasonry.”
Then there's the poem that is inside the base.
The New Colossus
Not like the brazen giant of Greek fame,With conquering limbs astride from land to land;Here at our sea-washed, sunset gates shall standA mighty woman with a torch, whose flameIs the imprisoned lightning, and her nameMOTHER OF EXILES. From her beacon-handGlows world-wide welcome; her mild eyes commandThe air-bridged harbor that twin cities frame.
"Keep, ancient lands, your storied pomp!" cries sheWith silent lips. "Give me your tired, your poor,Your huddled masses yearning to breathe free,The wretched refuse of your teeming shore.Send these, the homeless, tempest-tost to me,I lift my lamp beside the golden door!"
The Mother of exiles.

Prophecies of the Destruction of Babylon / America / New York

Jeremiah 51
45 “Come out of her, my people!Run for your lives!Run from the fierce anger of the Lord.46 Do not lose heart or be afraidwhen rumors are heard in the land;one rumor comes this year, another the next,rumors of violence in the landand of ruler against ruler.47 For the time will surely comewhen I will punish the idols of Babylon;her whole land will be disgraced
Well, we're definitely hearing of rumors of violence here in America and if there aren't rumors of ruler against ruler, we're going hear them soon.
The Bible details the destruction of Babylon a few different times. Mystery Babylon seems to be a new Babylon, different than the one in Biblical times, that gets destroyed at the end. Everything described here sounds like America and the King of Babylon being Trump. The capital being New York.
With the eclipse of Regulus in 2014 for 14 seconds right over New York. I think they might get hit with something major. Maybe a hurricane. This season is suppose to be bad and FEMA is saying they are completely unprepared. I'm sure that wasn't on purpose or anything. I think maybe a big earthquake might happen soon too in the next month. Seeing a lot of weird shit. A lot of polarity with the planets and asteroids. I think it's all connected to our polarity as the Trump Delusion continues. You seeing these reports and videos of these racist people just saying mean shit to people all over the place now for no reason? They're lashing out because they're scared their delusion bubble might burst so they're acting out. It's only going to escalate until both sides completely lose their fucking minds.
OLD TESTAMENT, ISAIAH, JERMEMIAH
https://www.biblegateway.com/passage/?search=Isaiah+13&version=NIV
https://www.biblegateway.com/passage/?search=Isaiah+14&version=NIV
https://www.biblegateway.com/passage/?search=Isaiah+21&version=NIV
https://www.biblegateway.com/passage/?search=Jeremiah+50&version=NIV
https://www.biblegateway.com/passage/?search=Jeremiah+51&version=NIV
NEW TESTAMENT, BOOK OF REVELATIONS
https://www.biblegateway.com/passage/?search=Revelation+17&version=NIV
https://www.biblegateway.com/passage/?search=Revelation+18&version=NIV
https://www.biblegateway.com/passage/?search=Revelation+19&version=NIV

The New Roman Empire / Fourth Reich & The Double Headed Eagle of Lagash

http://watchmanscry.com/?p=6230
Welcome to General Election 2016 – The Transition
The Hegelian Dialectic is the transition of things. And the Illuminati loves to use it. We have been expecting it.
We have read about it. And now it is here, in front of our faces. And many are IGNORING it.
Folks, we are witnessing Hegelian logic on display.
How we got here is an aside, but here we are. The disease is Hillary, and the medicine is Trump. For most folks, that’s all that matters. Case closed. What most citizens do not realize is that this is all a ruse. A mirage.
It is being carried by, “they.”
“They” are using the illusion, because America was stationary and stubborn.
“You can’t New World Order me!” Americans said, “…Because we know about you.”
Did the globalists go away and cry in their beer? Nope. They knew this would happen. It was expected. Butsome of the citizens heard a few radio shows that told them, “we’re gonna win.”
Hegel’s dialectic utilizes the “mirage.” And then steers the people through its house of mirrors with scary monsters. In America’s case, the monster is a short woman with a trucker’s voice named Hillary. Their task is simple. Globalism. But how do they get there?
Simple:
Scare them with the Thesis – Hillary / the Enemy of Freedom.
And offset her with the Anti-thesis – Donald the Lion-Hearted / Champion of the People.
…Next stop – the Synthesis. Ashes with a rising phoenix.
It's right there in front of us. Do you see it folks?
This is also known as
Problem > Reaction > Solution
Ultimately this is leading to:
Problem: Trump vs Deep State
Reaction: Global Disaster
Solution: One world government and one world currency
They say this is a double headed eagle, it's not. It's a double headed Phoenix. And it's the symbol of the Scottish Rite of Freemasonary.
http://uscnjpha.org/history/double-headed-eagle/
http://uscnjpha.org/wp-content/uploads/2015/11/F.png
“The Double Headed Eagle of Lagash” is the oldest Royal Crest in the World… No emblematic device of today can boast of such antiquity. Its origin has been traced to the ancient city of Lagash. It was in use a thousand years before the Exodus from Egypt and more than two thousand years before the building of “King Solomon’s Temple.”
“As time rolled on, it passed from the Sumerians to the men of Akkad, from the men of Akkad to the Hittites, from the denizens of Asia Minor to the Seljukian Sultans from whom it was brought by the Crusaders to the Emperors of the East and West, whose successors were the Hapsburgs and the Romanoffs.”
“In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”.
“The city of Lagash is in Sumer in Southern Babylonia, between the Euphrates and the Tigris and near the modern Shatra in Iraq, Lagash had a calendar of twelve lunar months, a system of weights and measures, a banking and accounting system and was a center of art, literature, military and political power, five thousand years before Christ”.
“In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”.
So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”.
The Latin caption under the Double-Headed Eagle – “Spes Mea in Deo Est” translated is “My Hope Is In God”.
A part of this sounds familiar
“In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”.
https://i.pinimg.com/originals/6f/a6/cb/6fa6cb2757061c76d7aa6ea211e2868c.jpg
https://goddessinspired.files.wordpress.com/2012/06/inanna-descent.jpg
In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”.
So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”
So it represented the universality and unity of the Empire of Rome and was later adopted by Germany during their days of conquest and imperial power. For these Freemasons, it represents two emperors, one from the east and one from the west coming together to create one empire. Hmm.. I wonder if that has any significance to today's world.
https://st2.depositphotos.com/8575830/12480/i/950/depositphotos_124801418-stock-photo-russian-two-headed-eagle-coat.jpg
https://www.rbth.com/history/327634-why-is-double-headed-eagle-a-symbol-of-russia
The imperial bird with two heads simultaneously facing East and West has been Russia’s official coat of arms for centuries, with only a break during the Soviet era. The emblem, however, is far older than the country, with roots dating to ancient civilizations.
An eagle on a country’s coat of arms is quite common – this bird is as popular a national symbol as the lion. “He is the king of birds; just like the lion is believed to rule all animals, and he is associated with the cult of the sun,” Georgy Vilinbakhov, head of Russia’s Heraldic Council, explains.
http://www.deadlinenews.co.uk/2012/01/17/donald-trump-at-last-awarded-the-scottish-coat-of-arms/
https://upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Coat_of_Arms_of_Donald_Trump.svg/2000px-Coat_of_Arms_of_Donald_Trump.svg.png
http://revelationtimelinedecoded.com/wp-content/uploads/2016/11/phoenix3.jpg
So Trump's new coat of arms has the same symbol as Russia which symbolizes 2 empires, one from the east and one from the west, combining into one.
Does the way they dress look familiar to anyone?
http://uscnjpha.org/wp-content/uploads/2014/02/uscnj.png

The Rise of The Phoenix and One World Currency

https://socioecohistory.wordpress.co...mist-magazine/
Source: Economist; 01/9/88, Vol. 306, pp 9-10
https://socioecohistory.files.wordpress.com/2014/07/theeconomist-phoenix_get_ready_for_world_currency_by_2018.jpg
Title of article: Get Ready for the Phoenix
THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.At the beginning of 1988 this appears an outlandish prediction. Proposals for eventual monetary union proliferated five and ten years ago, but they hardly envisaged the setbacks of 1987. The governments of the big economies tried to move an inch or two towards a more managed system of exchange rates – a logical preliminary, it might seem, to radical monetary reform. For lack of co-operation in their underlying economic policies they bungled it horribly, and provoked the rise in interest rates that brought on the stock market crash of October. These events have chastened exchange-rate reformers. The market crash taught them that the pretence of policy co-operation can be worse than nothing, and that until real co-operation is feasible (i.e., until governments surrender some economic sovereignty) further attempts to peg currencies will flounder
The new world economyThe biggest change in the world economy since the early 1970’s is that flows of money have replaced trade in goods as the force that drives exchange rates. as a result of the relentless integration of the world’s financial markets, differences in national economic policies can disturb interest rates (or expectations of future interest rates) only slightly, yet still call forth huge transfers of financial assets from one country to another. These transfers swamp the flow of trade revenues in their effect on the demand and supply for different currencies, and hence in their effect on exchange rates. As telecommunications technology continues to advance, these transactions will be cheaper and faster still. With unco-ordinated economic policies, currencies can get only more volatile.
In all these ways national economic boundaries are slowly dissolving. As the trend continues, the appeal of a currency union across at least the main industrial countries will seem irresistible to everybody except foreign-exchange traders and governments. In the phoenix zone, economic adjustment to shifts in relative prices would happen smoothly and automatically, rather as it does today between different regions within large economies (a brief on pages 74-75 explains how.) The absence of all currency risk would spur trade, investment and employment.
The phoenix zone would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF. The world inflation rate – and hence, within narrow margins, each national inflation rate- would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world.
As the next century approaches, the natural forces that are pushing the world towards economic integration will offer governments a broad choice. They can go with the flow, or they can build barricades. Preparing the way for the phoenix will mean fewer pretended agreements on policy and more real ones. It will mean allowing and then actively promoting the private-sector use of an international money alongside existing national monies. That would let people vote with their wallets for the eventual move to full currency union. The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power.
The alternative – to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows. This course offers governments a splendid time. They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices. It is a growth-crippling prospect. Pencil in the phoenix for around 2018, and welcome it when it comes.
https://medium.com/@torrmara/1988-crypto-prophesy-from-the-economist-e201ab28aa26
So it was a random Sunday: bed, eat, repeat until I went online and I saw a link by a new user called @limon. There was a small introduction to a YouTube video which at first glance didn’t look interesting, but what the hell? Lets read this.
https://cdn-images-1.medium.com/max/...lLpi-xYDCw.png
He talked about an article from The Economist, year 1988, coin, phoenix and then Zoin… wtf?
Anyways, I opened the link (don’t open links from strangers) and watched the video in Youtube, (it’s in Spanish)
@limon claims in the video (minute 5) that he actually found a not so well know cryptocurrency (yet) by doing some research on an article from 1988 and he is somehow convinced it’s going to be huge. Yes, @limon saw the writing and thought maybe I should check this and find out which is the coin of the future.
As crazy as it seems, finding a cryptocurrency by doing research on a 1988 magazine its quite incredible. Is it a coincidence or is it a prediction? Not even @limon knows, but there’s a few things that can blow up your mind here.
This is the article from 1988. It claims that there will be a currency (referred as “phoenix”) that will be used by everybody in several countries in 2018.
So yes, you all might say “the coin is called the Phoenix”. There’s actually a coin called Phoenixcoin but that didn’t seem to convince @limon once he checked it out in www.coinmarketcap.com (it sucked even for @limon who wanted to believe with all his heart)
But @limon didn’t give up, he thought what if its hidden? So he decided to take a closer look at the magazine cover.
https://cdn-images-1.medium.com/max/...LKufsoJVug.png
He noticed that he could read the letters backward (um…interesting)
https://cdn-images-1.medium.com/max/...Ir1KSVOMbw.png
He got XIN3ONd NET by reading the cover letter backwards and he said well, XIN is Chinese, and found out in google translator that XIN meant NEW.
Then 3ONd he looked at it and thought this is Russian… and it was. That weird word that would not mean anything to someone meant something for @limon so he decided to google translate it.
https://cdn-images-1.medium.com/max/...uui5nS3hFg.png
Well yeah 3ONd is Russian and means ZOI, but wait is this a coin? @Limon decided to search “ZOI” in www.coinmarketcap.com.
https://cdn-images-1.medium.com/max/...LN2UCCLQwg.png
WOW, Zoin existed. He ended up with the sentence NEW ZOI NET, in which Zoi was an actual currency.
He starting searching now all about Zoin (DYOR) and liked everything he saw. The team, the community and development its very much updated.
Got even more carried away when he saw Zoin’s logo:
https://cdn-images-1.medium.com/max/...4CV6Ln5sFQ.png
https://cdn-images-1.medium.com/max/...y75KEGoyHQ.png
And when he researched even deeper, he found out that ZOIN was left by its first developer and got taken over by its community from all over the world.
Yes, Zoin emerged from the ashes. What? wait. Zoin is also a Phoenix.
Anyways, @limon found all the signs of a prophecy from 1988.
He couldn’t wait so he joined Zoin’s community and shared his video.
By the way he bought some Zoin. After finding the last lost prophecy he had no plans on missing out.
Check all about Zoin in the following links.
You can reach out to the team on Discord, website address is www.zoinofficial.com and their twitter @zoinofficial
You better don’t miss it. Its a prophecy.
Thank you limon.
@torrmara
Notice the year on the coin and at the end of the article, 2018. "Pencil in the phoenix for around 2018, and welcome it when it comes". Trump and Russia both have a double headed Phoenix signifying the union of an Empire. This article talks about a one world currency called "Phoenix" coming in 2018. The number 10 upside down is 01. It's a bit on a coin
https://en.wikipedia.org/wiki/Phoenix_(currency))
I posted about an Israeli company that can do things with blockchain and DNA in my previous postings on this topic. I think that this will have something to do with the Mark of the Beast.
https://techstartups.com/2018/05/10/genetic-blockchain-startup-dnatix-releases-first-blockchain-based-open-source-dna-compression-tool/
https://www.dnatix.com/
https://nulltx.com/carverr-wants-to-embed-bitcoin-private-keys-into-strands-of-dna/

Trump is the Tip of the Spear for the NWO Plan

Notice the spear tip coming out of the Phoenix's head on the cover of the Economist magazine? Trump. has a spear on top of both of his coat of arm. Trump is the tip of the sphere. I think once he's fulfilled his purpose in wrecking everything and nuking North Korea, I think they might have someone take him out. Then things would get even crazier.
https://i0.wp.com/www.show-notes.info/thisisit4321/gallery3/vaalbums/SPECIAL-PROJECTS/Welcome-to-the-World-of-Good-and-Evil/TRUMP/TRUMP%20-%20D2.jpg
https://i0.wp.com/www.show-notes.info/thisisit4321/gallery3/vaalbums/SPECIAL-PROJECTS/Welcome-to-the-World-of-Good-and-Evil/Album-number-7/Donald%20Trump%20Tip%20of%20the%20Spear.jpg
https://thelightinthedarkplace.files.wordpress.com/2018/03/donald20trump20front20and20center.jpg?w=816
https://thelightinthedarkplace.files.wordpress.com/2017/04/trump20tower201.jpg?w=816

My Other Posts on This Topic

https://www.reddit.com/conspiracy/comments/8tuwr1/what_do_these_2_very_obvious_signs_say_to_you/
https://www.reddit.com/conspiracy/comments/8vth1i/trumps_space_force_nesara_and_the_mark_of_the/
submitted by Oblique9043 to conspiracy [link] [comments]

Wash Sales Part 1  Taxes & Trading - YouTube Simple 5-Minute Bitcoin Trading Strategy - YouTube Cryptocurrency Tax in 5 Minutes - What are Taxable Events ? Wash Trading: How a lot of Cryptocurrency Volume is Fake DAY TRADING TAXES! EXPLAINED! - YouTube

Most of the wash trading was observed on 30 trading pairs on the exchange, with some pairs showing signs of up to 75 percent wash trading volume. Nonetheless, the top volume pairs on the platform, such as Bitcoin and Ethereum, were said to have 85 to 95 percent legitimate volume. Calculate Cryptocurrency Taxes Easily File Your Bitcoin and Crypto Taxes. If you own or have traded cryptocurrencies, you may need to include these in your tax forms, even if you didn't make any money. Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. Day trading taxes are anything but straightforward, and it’s the last thing you want to deal with after a roller coaster year, that’s hopefully ending in the black. Tax reporting means deciphering the multitude of murky rules and obligations. This page breaks down how tax brackets are calculated, regional differences, rules to be aware of, as well as offering some invaluable tips on how to ... According to research by the Blockchain Transparency Institute, approximately 80% of the top 25 trading pairs for bitcoin at cryptocurrency exchanges in 2018 were wash traded. Key Takeaways Because day traders usually close all their positions at the end of the day anyway, mark-to-market accounting may not seem like a big deal, but it is: In effect, converting all capital gains to income means that your trades are no longer subject to the wash-sale rule. For most day traders, this lowers taxes and results in fewer paperwork hassles.

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Wash Sales Part 1 Taxes & Trading - YouTube

Trade with me: https://humbledtrader.com/discord-room 🔽Time stamps: 1:37 Not planning your trades 4:08 Focus on trading PNL, not trading the charts 7:30 Not ... Andrew Gordon of Gordon Law & Accounting lays out what is, and what is not a taxable event when dealing with cryptocurrency trading. Is BTC to ETH a tax-free... Weblink for More: https://bit.ly/2YDPlA2 - The Basic Principles Of Is Bitcoin Trading Tax Free In Ireland - Rational System 2008 was the year when binary alt... 🔴Coinbase Live interview trading with Brian Armstrong +5000 Bitcoin BTC event🔴 Coinbase News 424 watching Live now How To Turn $100 into $1 Million - Duration: 16:54. This strategy video uses MFI and MACD in conjunction on the 5-Minute timeframe for simple entries and exits on Cryptowatch. Conservative Method - 0:33 Aggres...

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