Bitcoins

Actually you do both but the recognition is what you're after

not sure what you mean. that's what a realized loss is.

sry xp that got all garbled

you realize the loss when you sell it, you recognize it when you report it

we're basically saying the same thing

You can realize a loss but if you have something that would offset it then you would never recognize the loss even though you realized it

this is getting more technical than it needs to be for the conversation and veering off track, but I believe you would recognize the loss, but the offset would just change the net impact to your taxes.

You can realize a loss but if you have something that would offset it then you would never recognize the loss even though you realized it

we're not talking about bitcoins anymore, are we

Nah you'd realize the loss, not recognize it xp

What I'm trying to say is that, taxes are more fun than bitcoins

Where's sarahell???

i.e. you have a realized $3000 loss when you take bitcoins you bought for $7K and sell them for 4K. You also sold a lot of magic the gathering cards that you purchased for $4K for $9K, a gain of $5k. Your capital gain of $5K may "offset" your capital loss of $4K, giving you a net gain of $1K. That doesn't mean you don't "recognize" the $4K loss, it just means that your gains exceeded your losses and you don't wind up having anything to write off. I could be wrong, I'm no accountant.

the result is the same so we're just talking terminology.

ha no I meant like "loss" as in emotional or personal loss in that paragraph kinda works similarly? thus my 'joke'

If you sold two things during the tax year and had a loss of 99 on one but a gain of 100 on the other, you'd realize both the gain and the loss but you'd only recognize a gain of 1, that's the amount you'd pay tax on

again, result is the same, we're just talking terminology

Yeah but your terminology is wrong

Real eyes realize real gains and losses, is what I'm saying

I'll have to dig up an adequate source a little later when I get the chance, but I'm p sure YOUR terminology is wrong B-)

i.e., the fact that you have other gains that "offset" your losses doesn't mean that you don't "recognize" the loss, it just changes the net amount that's taxable or write-off-able.

my co-worker who took an accounting class in college says he thinks I'm right so ha

i hate you all

get the FASB on this motherfucker asap

can bitcoin loss debt be forgiven >?
with a 1099?

poetry

Seems like Bitcoin enthusiasts are trying to put on a brave face on this IRS ruling, but the more I read about it the less favorable it sounds:

http://marginalrevolution.com/marginalrevolution/2014/03/did-bitcoins-just-become-less-fungible.html

wow the comments. These people are so motherfucking STUPID

This sounds like a pretty serious strike against Bitcoin, but then again it seems like the kind of thing where people should have planned in advance for no help from the IRS. Is there international internet wizardry they can just do to sidestep this stuff?

price def appears to be hurting since the ruling. But I don't understand, did people think the IRS would just, like, do nothing?

Dan Weber March 27, 2014 at 5:04 pm
Yes, the market should define tax law.

https://www.youtube.com/watch?v=mjiX7xiFD-o

Last November, in what he later described as a drunken state, a Redditor by the username, Anndddyyyy, wrote a post claiming that if Bitcoin was below $1000 come January 1, he'd do exactly that. "I may be an idiot," he wrote in an update to the original post, "But I like to think I'm an idiot with integrity."

FORTY 6 MINUTES LONG

In b4 "fuck eating a hat"

If anyone wants to read something by a more level-headed, skeptical but hopeful bitcoin enthusiast who doesn't sound batshit or dumb:

https://medium.com/p/a9d53ce3688a

Werner Herzog ate his shoe - is that healthier? Seems a bad idea any way.

xxxxp - was the hat a fedora?

http://www.newyorker.com/online/blogs/shouts/2014/03/libertarian-police-department.html

The heroin needle practically fell out of my arm. “What kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?”

“Not yet. But mark my words: we’re going to figure out who did this and we’re going to take them down… provided someone pays us a fair market rate to do so.”

“Easy, chief,” I said, “Any rate the market offers is, by definition, fair.”

“Seriously, guys. Without a strong economic motivator, I’m just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.”

hit $340 yesterday. is the dream over?

This seems like the stupidest shit ever. It's a "debit card" that "lets you pay in bitcoins." But it piggybacks on credit card networks, so it has basically none of the supposed benefits of bitcoin as far as I can see? Plus it pays out in dollars, which means it has to sell your bitcoins when it makes the payout.

http://gigaom.com/2014/04/24/a-debit-card-for-bitcoin-xapo-solves-the-payment-problem-with-mastercard-tie-in/

Also the "like the internet in the 80s" meme used in that Vox thing reminds me of this graffiti I saw in Berlin:

http://scontent-b-iad.xx.fbcdn.net/hphotos-ash3/t1.0-9/5611_250735825303_7638136_n.jpg

that looks like a screenshot of a cyberpunk computer game

its really a Tuesday today isnt it - anothe rbitcoin Tuesday

http://consumermediallc.files.wordpress.com/2014/04/dogecarrear.png

Not sure what is happening on our side, but there doesn’t seem to be a pattern.

one day everyone will have a coin of themselves

everyoen will mint their own virtual currency

Lathamcoin

http://happynicetimepeople.com/wp-content/uploads/2014/02/Hi_I_m_Shingy_%E2%80%A2_I_am_excited_for_what_2014_could_mean_for_brands___.png

wkiw

http://www.bloomberg.com/now/2014-04-30/bitcoin-now-bloomberg/

lol i was just thinking about that guy today

instantly hated by all

Only mentions bitcoin once, but relevant:

http://thebaffler.com/blog/2014/05/mouthbreathing_machiavellis

started a new thread here for more general discussion:
Silicon Valley Techno-Utopianism

buttcoins