I agree with him saying that a lot of the system is still centralized and we are still trying to onboard as many people we can to this Decentralized world. That's the power of network. Cheers guys and I hope to see more interviews from you guys. :-)That's a great talk @broncnutz. I also like to attend such events where people from multiple domains come across you. I think conferences like these help you with learning about cryptos combined with other aspects of your financial life. How the systems are changing and the way operation works now. They also help you to network superheroes like you and @lpfaust. It should happen all over the world multiple times which in turn will take Cryptocurrencies to the main stream.
@hungryhustle I think by far the best speaker during the event was Erik Vorhees. He had some very well reasoned thoughts around how the age of decentralized money is on par with the significance (both of the fight and subsequent change) experience from religion and science.
I wish i'd recorded it, but I think it dovetails so well with what we are seeing in the rise of neo-triablism, movements such as the localvoire movements and to a much larger degree the rise of stateless terror organizations. It's something I've been writing a series about which I will one day publish.
I started buying cryptos in July and had to get up to speed on the tax issues when I filed my return for 2017. I was disappointed that crypto transactions wouldn't qualify for like-kind exchange treatment. (Well, I was not willing to treat my transactions as like-kind exchanges and take the risk the IRS would disagree.) There is good software published by BitcoinTaxes that can download transactions from the major exchanges and handle the purchases and sales for tax purposes. The analysis can be saved to a file that can be uploaded to TurboTax. (This only works on the CD version of TurboTax, not the online version.) This made doing my taxes a breeze.
My software of choice for tracking all the recordkeeping for crypto is cointracking.info. Amazing piece of software supporting so many platforms and exchanges with API hooks.
I'm not familiar with that software. I was very happy with BitcoinTaxes. The price was reasonable and it saved me from having to spend dozens of hours doing the work by hand.
Σ$$$ Tipped @lpfaustΣ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.207 USD per SMART. Current value of the tip is $1.03 USD. To find out more about SmartCash, please visit https://smartcash.cc.
One very interesting thing Faust said towards the end of the video, monetary system based on mathematics. I kind of know that blockchain runs by solving mathematical problems and mining blocks. But do you have any resources....any books or articles for example which explains the technical details....the mathematical details of how it actually works? I've been trying to understand exactly every minute detail of the blockchain technology and so far i only have the basic idea....but I have this habit of being absolutely thorough with something before I try to preach it so people....in this case to people outside the world of cryptocurrency.
Nice interview. Wonder what the wait the world will look like when people will “NEED” to buy crypto. I’m excited and nervous for that day.
On a side note; what did SALT lending have to say?
@realestatecoach one would think with the dramatic rise in overall interest in cryptocurrency, most accountants would ahve moved into this space immediately. The reality is most are avoiding it and echoing the "ponzi scheme" talking points. It became an area of speciality for me out of necessity once I purchased my first Bitcoins in 2013. Now I have more demand coming my direction for services than I can handle.
I think within the next two years, the accounting profession as it currently exists is in serious danger of significant bleed out due to blockchain tech. Blockchain directly targets everything my profession offers as a service. For the time being, yes an accountant with knowledge about the space is a hot commodity.
With the price of Steem down so much, I think I will report a loss and Get a deduction from my income tax. Thanks for posting, wish I was there with you
@briandenver just remember if you have no capital gains to offset against the losses, you will be capped at $3,000 for deduction against your ordinary income. Bear that in mind when considering if you should take the loss.
Looking forward to your more informative videos !!Wonderful! once again awesome interviews @broncnutz its a very useful information to me learn more about crypto. @lpfaust is great men to spreading knowledge about Crypto & Taxes for this community, I am very glad to watch your every video about crypto holders and many new ways to get cryptocurrencies ..
Taxation is a difficult subject to grasp for the average investor, glad to see you are taking it seriously. With every trade you make you have to consider the tax implications. My biggest question is for non-US citizens, is how will they account for dual nationals and coins moving across boarders? Some of these are impossible to trace and make it very easy to avoid tax all together. Please pay your taxes people. I am not recommending anything but.
pseudo-anonymous.@cripticat public ledgers provide honeypots for auditors to go after. Consider on most the only hurdle an auditor has to overcome is determining which hash on the blockchain is associated with your name. At that point, they have every piece of history associated with that wallet, including the exchanges you moved everything into, and all associated wallets with that exchange and so on. Never forget most coins are
Regarding individuals who are expats, or those who are legal residents or dual-citizens, there are a host of rules to become familiar with. Nevertheless, I would encourage everyone to understand those rules because cryptocurencies have become an area of special interest and stepped up enforcement for the IRS.
I agree with accountants being kinda redundant with cryptocurrencies. I feel that with public ledgers and decentralized blockchain solutions we can keep track of what we use for transactions well enough on our own. Less fees and constant use cases will keep many people honest and accurate.
@cwise009 blockchain ledgers will wipe out virtually all legal an accounting services. Already so many blockchain projects are focusing on those aspects. Look no further than VeChain to see a perfect example of this.
This is an area for me where I still have a lot to learn. Thanks for this interview. I love how you cover really important topics (like keeping crypto safe and properly preparing for taxes) and not ONLY the sexy stuff. Thanks a lot man, great work.
If cryptocurrencies are there to be used all over the world and not fixed to a certain centralised system then if there is a tax, it should be tax to a common place (crypto government which manages the ecosystem) and not to the normal governments. However, normal governments intervene (conveniently) to ensure their citizens compile with their regulations. Should personal gain tax be implemented in crypto, which is operating in a decentralised space? With fluctuations it can't be pinpoint if you gained or loss over the year. Well, it can, but it's a massive headache! We have been invested in crypto for four/five months, we are now just about the levels we started at. So no gains or losses as such. We see our 'money' in crypto as an alternative 'bank' account where you can either get great interest rates or tremendous losses accumulated over time. We haven't personally used any crypto for use, but that's because we're just HODL-ing.
✈️👫
Σ$$$ Tipped @traveling-twoΣ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.205 USD per SMART. Current value of the tip is $1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.
Hahaha this is actually a cool bot. Won't pay any taxes until I claim it 😜 (I'll claim it in a bit)
Thanks @broncnutz for your continuous effort to inform us about crypto!
Σ$$$ Tipped @blazingΣ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.205 USD per SMART. Current value of the tip is $1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.
its a very knowledgeable conversation .............you always try to give us some good theme about cryptocurrency............that give us new hope and inspiration.......really you done a better job............keep it up..........all the best.........
w0o0www Superb Man. Yo are doing such a great job. I have learned many things from your videos. Thumbs up for this. keep educate and entertain us like that. stay blessed <3
@1pfaust took the lot of true points in this video about new cryptocurrencies taxies. I agree that if decenterlized blockchain solution is best in this way to use in it transection. It whould be a great impect on crypto, and the ways of work are easily do it. I hope many peoples get more benefit through this crypto taxes.
Thankyou sir for taking interesting interview😇
He made some good points and That was a really informative chat. It is really great of you to find people and answers to all our questions. I appreciate all the valuable efforts you put in.
You both definitely touched on points that only experts could. The aspect of accounting isn't something I would really even be able to speak much on. Public Ledgers to the future though!
I agree with him saying that a lot of the system is still centralized and we are still trying to onboard as many people we can to this Decentralized world. That's the power of network. Cheers guys and I hope to see more interviews from you guys. :-)That's a great talk @broncnutz. I also like to attend such events where people from multiple domains come across you. I think conferences like these help you with learning about cryptos combined with other aspects of your financial life. How the systems are changing and the way operation works now. They also help you to network superheroes like you and @lpfaust. It should happen all over the world multiple times which in turn will take Cryptocurrencies to the main stream.
@hungryhustle I think by far the best speaker during the event was Erik Vorhees. He had some very well reasoned thoughts around how the age of decentralized money is on par with the significance (both of the fight and subsequent change) experience from religion and science.
I wish i'd recorded it, but I think it dovetails so well with what we are seeing in the rise of neo-triablism, movements such as the localvoire movements and to a much larger degree the rise of stateless terror organizations. It's something I've been writing a series about which I will one day publish.
Might need some crypto accounting soon, nice work.
Ha ha... those momos on youtube doing it for free! Great interview... thanks I'm going to check him out.
You dumb youtubing MOMO's!!!!!!!! We get paid for out thoughts up in here son!
LOL!
I started buying cryptos in July and had to get up to speed on the tax issues when I filed my return for 2017. I was disappointed that crypto transactions wouldn't qualify for like-kind exchange treatment. (Well, I was not willing to treat my transactions as like-kind exchanges and take the risk the IRS would disagree.) There is good software published by BitcoinTaxes that can download transactions from the major exchanges and handle the purchases and sales for tax purposes. The analysis can be saved to a file that can be uploaded to TurboTax. (This only works on the CD version of TurboTax, not the online version.) This made doing my taxes a breeze.
My software of choice for tracking all the recordkeeping for crypto is cointracking.info. Amazing piece of software supporting so many platforms and exchanges with API hooks.
I'm not familiar with that software. I was very happy with BitcoinTaxes. The price was reasonable and it saved me from having to spend dozens of hours doing the work by hand.
@smartbot tip @lpfaust 5
Σ$$$ Tipped @lpfaust
Σ5 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.207 USDperSMART. Current value of the tip is$1.03 USD. To find out more about SmartCash, please visit https://smartcash.cc.One very interesting thing Faust said towards the end of the video, monetary system based on mathematics. I kind of know that blockchain runs by solving mathematical problems and mining blocks. But do you have any resources....any books or articles for example which explains the technical details....the mathematical details of how it actually works? I've been trying to understand exactly every minute detail of the blockchain technology and so far i only have the basic idea....but I have this habit of being absolutely thorough with something before I try to preach it so people....in this case to people outside the world of cryptocurrency.
Faust is a smart dude cuz, follow him....you can trust his info.
Yep, Already following him :D
Nice interview. Wonder what the wait the world will look like when people will “NEED” to buy crypto. I’m excited and nervous for that day.
On a side note; what did SALT lending have to say?
As i scroll to the next video... i see it’s SALT. Doh
Wow very nice event. Keepkey had a nice sign there. Accountants specializing in BTC could do very well.
@realestatecoach one would think with the dramatic rise in overall interest in cryptocurrency, most accountants would ahve moved into this space immediately. The reality is most are avoiding it and echoing the "ponzi scheme" talking points. It became an area of speciality for me out of necessity once I purchased my first Bitcoins in 2013. Now I have more demand coming my direction for services than I can handle.
I think within the next two years, the accounting profession as it currently exists is in serious danger of significant bleed out due to blockchain tech. Blockchain directly targets everything my profession offers as a service. For the time being, yes an accountant with knowledge about the space is a hot commodity.
With the price of Steem down so much, I think I will report a loss and Get a deduction from my income tax. Thanks for posting, wish I was there with you
@briandenver just remember if you have no capital gains to offset against the losses, you will be capped at $3,000 for deduction against your ordinary income. Bear that in mind when considering if you should take the loss.
Nice to meet James, Very healthy discussion @broncnutz
Wowww, Another interview!!!!
We learn alot from your interviews and today topic is very interesting Crypto & taxes
Stay blessed Glad to see you again @broncnutz Thank you @lpfaust for your talk on the topic
Very Interesting Post Brother... You've finally locked down the Real Deal OG BroncNuzt Blog - LOVE IT #broncnutz #REALDEAL
Looking forward to your more informative videos !!Wonderful! once again awesome interviews @broncnutz its a very useful information to me learn more about crypto. @lpfaust is great men to spreading knowledge about Crypto & Taxes for this community, I am very glad to watch your every video about crypto holders and many new ways to get cryptocurrencies ..
Taxation is a difficult subject to grasp for the average investor, glad to see you are taking it seriously. With every trade you make you have to consider the tax implications. My biggest question is for non-US citizens, is how will they account for dual nationals and coins moving across boarders? Some of these are impossible to trace and make it very easy to avoid tax all together. Please pay your taxes people. I am not recommending anything but.
pseudo-anonymous.@cripticat public ledgers provide honeypots for auditors to go after. Consider on most the only hurdle an auditor has to overcome is determining which hash on the blockchain is associated with your name. At that point, they have every piece of history associated with that wallet, including the exchanges you moved everything into, and all associated wallets with that exchange and so on. Never forget most coins are
Regarding individuals who are expats, or those who are legal residents or dual-citizens, there are a host of rules to become familiar with. Nevertheless, I would encourage everyone to understand those rules because cryptocurencies have become an area of special interest and stepped up enforcement for the IRS.
I agree with accountants being kinda redundant with cryptocurrencies. I feel that with public ledgers and decentralized blockchain solutions we can keep track of what we use for transactions well enough on our own. Less fees and constant use cases will keep many people honest and accurate.
@cwise009 blockchain ledgers will wipe out virtually all legal an accounting services. Already so many blockchain projects are focusing on those aspects. Look no further than VeChain to see a perfect example of this.
Excellent video i have watched today two of my favorite steemians so it was double the fun for me
Every aspect well explained by sir @lpfaust, educating us with such news, @broncnutz u come up like a hero everytime...
Nice camera work!
This is an area for me where I still have a lot to learn. Thanks for this interview. I love how you cover really important topics (like keeping crypto safe and properly preparing for taxes) and not ONLY the sexy stuff. Thanks a lot man, great work.
Thanks for noticing cuz! I always try to bring ya'll something of value. Sometimes I swing and miss though......
If cryptocurrencies are there to be used all over the world and not fixed to a certain centralised system then if there is a tax, it should be tax to a common place (crypto government which manages the ecosystem) and not to the normal governments. However, normal governments intervene (conveniently) to ensure their citizens compile with their regulations. Should personal gain tax be implemented in crypto, which is operating in a decentralised space? With fluctuations it can't be pinpoint if you gained or loss over the year. Well, it can, but it's a massive headache! We have been invested in crypto for four/five months, we are now just about the levels we started at. So no gains or losses as such. We see our 'money' in crypto as an alternative 'bank' account where you can either get great interest rates or tremendous losses accumulated over time. We haven't personally used any crypto for use, but that's because we're just HODL-ing.
✈️👫
@smartbot tip @traveling-two 5
Σ$$$ Tipped @traveling-two
Σ5 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.205 USDperSMART. Current value of the tip is$1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.@smartbot help
You can use the following commands:
balance- displays your current wallet balanceaddress- displays your deposit addresswithdraw <amount> <address>- withdraws the amount of SMART to addresstip <username> <amount>- sends the amount of SMART to usernameterms- displays terms and conditions for using @smartbot@smartbot balance
You have
Σ0 SMART(unconfirmed:Σ0 SMART).now you gonna owe taxes on this tip i just gave you! Muhhahahahahahahahahahaha
Hahaha this is actually a cool bot. Won't pay any taxes until I claim it 😜 (I'll claim it in a bit)
Thanks @broncnutz for your continuous effort to inform us about crypto!
@lpfaust is a great man he has a vast amount of knowledge and always help everyone :)
@smartbot tip @blazing 5
Σ$$$ Tipped @blazing
Σ5 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.205 USDperSMART. Current value of the tip is$1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.Very cool guy...following his blog now! Taxes need our attention so another piece of the puzzle. Thanks @broncnutz!
Your new camera setup is working great!
its a very knowledgeable conversation .............you always try to give us some good theme about cryptocurrency............that give us new hope and inspiration.......really you done a better job............keep it up..........all the best.........
Wow...wonderful and interesting meeting...
Wel done and perfect work @broncnutz sir... I'm really know @lpfaust is one of better hudge steemian in this platform....
Wow.... Beautiful conversation........ Thnks for share
Crypto Taxes: such a great video,you have said parcel of points,as a newbie don't know quite a bit of it
w0o0www Superb Man. Yo are doing such a great job. I have learned many things from your videos. Thumbs up for this. keep educate and entertain us like that. stay blessed <3
@1pfaust took the lot of true points in this video about new cryptocurrencies taxies. I agree that if decenterlized blockchain solution is best in this way to use in it transection. It whould be a great impect on crypto, and the ways of work are easily do it. I hope many peoples get more benefit through this crypto taxes.
Thankyou sir for taking interesting interview😇
capacity penury a number of crypto accounting soon, fussy work.
He made some good points and That was a really informative chat. It is really great of you to find people and answers to all our questions. I appreciate all the valuable efforts you put in.
Decent to meet James, Very sound discourse @broncnutz
Good one @broncnutz......you always doing the best.
i hope it is best one..... well done l....
thanks you.....
It would be good meet denver .
Crypto Taxes: such an awesome video,you have mentioned lot of points,as a newbee dont know much of it,thanks a lot.
Great conference and your conversation..... keep it up... thanks for sharing the post.
Thanks for share your valuable knowledge. Great thought. Keep it up and well done.
So how this meet gone dear friend ?
I think it's great
As non-governmental currencies become sovereign, mandatory taxation may become (and hopefully so) impossible.
Great
nice post and nice to meet
Great information about taxation,have a great day sir,following you so i cannot miss any updates from you,looking forward for up comming blog posts.
very important conference sir. thanks for share with us.
You both definitely touched on points that only experts could. The aspect of accounting isn't something I would really even be able to speak much on. Public Ledgers to the future though!
Wow!beautiful
thanks @ broncnutz to meet us james
Wow Excellent video
Nice interview there with @lpfaust got to know a lot and it was one of the best interview so far :)
Quite interesting discussion with James.
a beautiful day there along with the man himself @lpfaust brilliant to know much more about crypto and the work he has been upto :)
wow bro today's interview was more amazing than previous one you are showing the best of Denver Day for Crypto on steemit :)
great to have some knowledge on the profits made with crypto as many are not aware you are putting some great content on steemit :)