Guys, i´m afraid i´m jinxing it. Sorry.
I admit, i don´t want bitcoin to go over 20000, because every time bitcoin rises remarkably, media (TV) awakes, and i see more and more countries wanting to ban exchanges and all that. We are a threat to their FIAT-system.
What do we do then ?
The other thing is: i´m not afraid to pay taxes, but how could i possibly explain the thousands of transactions, i made ? For example, i´m constantly lending (funding) some at Finex, thats thousands of transactions. Its not the money, that worries me, it´s the process to cash out.
It really is a nightmare, coming to your door soon !
And don´t tell me we´re here for the ideology, we´re here for the dosh, which still, at least for now, reigns the world.
If you are in Europe, you don't have to worry, you only pay tax when you exit to fiat. If you are in north America you can cash out in the Canadian ATM's.
I'm in it for both the ideology and the cash. If crypto for some reason crashes totally, I'll still mine my Bgold and bide my time. That would actually give the community time to develop a more mature environment with working P to P exchanges, good scaling capability, and everything else we need to be untouchable by governments.
Ok, ok, you only pay tax, when you exit to fiat, but on what, and how ?
I´m playing this game since years and, more importantly, from MULTIPLE countries !
Bought in one country, after thousand transactions cashed out in another, and want to spend it in yet another country !
It slowly is getting complicated. It´s a mess.
I guess, i´ll just go on, until they say: waay too complicated, get outta here
No, it's not complicated. You act is if it were just because you don't want to pay what you owe
It doesn't matter where country you did buy, sell, traded or whatever, you should know what's the country where you have to pay taxes to, which is usually the one you spend the most of your time (there are variants here).
It doesn't matter if you exit to fiat or to another "asset" (currency, comodity, whatever) every exchange from Bitcoin to anything else is a taxable event that needs to be calculated of fair market value of the resulting acquisition.
It doesn't matter if there are millions of taxable events. You are supossed to keep track of each and every one and preserve a report on it. You give them the totals and calculate the amount you owe them. If, for any reason, you were audited you hand them all the registers that support your claim (in excel).
If you are never audited everything is fine but if you are you might end owing them even much more than you currently have.
It sucks, but let's not pretend we don't know how it works.
P.S.: And of course you need to report yearly the profits you get from lending too and cross fingers they don't want to tax it as income instead of capital gains... same with trading.