"Lawyering Up" - Coinbase to Send Data on 13,000 Users to the IRS

[lexluthermiester]

Your profit margin at cashout. The SEC already declared this pretty clearly, IIRC. I don't have any documents to back it up though which is why I urge consulting a professional.

If that's true, then it's reasonable and makes sense. Capital gains however seems a bit high for an individual. Filing under 1099c as personal income seems more appropriate taxation.

 

[TheGuruStud]

They're not happy wasting 90% of your actual income tax, so of course they're coming to steal the rest to give to their criminal friends.

 

[R-T-B]

so you mine with Ryzen R3 1200 only? if answer to that question is "No, but..." = sorry to burst your bubble but you are full of shyte and your statement "And my energy usage went down when I started mining" is a LIE !

My homes energy usage went down. I have meter readings and statements to prove it. You can acomplish this via decommissioning hardware you aren't using and combining it with the miner. In my case, my miner became/replaced my NAS which used to be a very power hungry core 2 quad system.

You seem to be misunderstanding my statement. That does not make it a lie. You don't automatically consume more power just because you mine, in my case my miner only draws 500W of my household power, or about 10 light bulbs worth. The core 2 quad drew more, and I still have an active gaming system that draws more under load. Sorry, but that's just how it is.

Here is my statement, live. I started mining in early/mid december. Note the slight downward trend despite the weather getting colder here in Washington:

If that's true, then it's reasonable and makes sense. Capital gains however seems a bit high for an individual. Filing under 1099c as personal income seems more appropriate taxation.

It might actually be personal income, it's one or the other. This is one of those things where "I have a guy for that" is the statement that comes to mind.

I'll ask him later.

 

[techy1]

My homes energy usage went down. I have meter readings and statements to prove it. You can acomplish this via decomisioning hardware you aren't using and combining it with the miner. In my case, my miner became/replaced my NAS which used to be a very power hungry core 2 quad system.

You seem to be misunderstanding my statement. That does not make it a lie. You don't automatically consume more power just because you mine, in my case my miner only draws 500W of my household power, or about 10 light bulbs worth. The core 2 quad drew more, and I still have an active gaming system that draws more under load. Sorry, but that's just how it is.

I just cant take more of your "alternative facts" (you mine on gpus 24/7 and tell me about NAS and ryzen R3). lets assume I am wrong here and you are right (GPUs should not be counted in electricity/CO2 bill and we should only talk about NAS vs Core2 in mining context ) - but why you keep on writing? what purpose in your BS you see?

 

[R-T-B]

GPUs should not be counted in electricity/CO2 bill and we should only talk about NAS vs Core2 in mining context

I AM counting the GPUs.

what purpose in your BS you see?

Mainly, the truth. I don't doctor statements. I'm a journalist and I consider my integrity far too important to risk over something so silly. The proof is above, do with it what you will. IBM x-servers from the Core 2 era are power hungry. End of story. I didn't claim mining was energy efficient, only that my home energy bill dropped overall from some smart choices. That isn't "alternative facts," it's my life and anyone can do it if they want to make sacrifices elsewhere to mine.

 

[techy1]

I quote your "truth" again: "...And my energy usage went down when I started mining..."... and that is a LIE 100%, and that is why I got triggered. the fact that you did clean up the house (and got rid of inefficient Core 2 server) has nothing to do with mining - you could do it anytime with or without mining! but whatever - I wont answer to your BS again.

 

[lexluthermiester]

I wont answer to your BS again.

Good, now let's get back to our regularly scheduled program..

It might actually be personal income, it's one or the other.

I looked this up. Running a small business from home there are complexities for people like me. For you doing it out of personal interest, it would actually seem to fall under personal income which would be a schedule 1099c. Of course get professional input though. This is new territory for most tax professionals but pointing out that you do this at home on personal equipment seems like it would qualify.

 

[Fx]

LOL do none of you know why bitcoin was originally invented? the entire purpose of cryptocurrency was originally to escape the big banks... do you know how many peoples lives were ruined by wall street greed and housing loan sharks that led to the 2008 Great Recession... the entire point of all cryptocurrecy was to not have to rely on big banks or be at the whim of government ever again, but someone got the bright idea to make the backbone of Bitcoin of fiat exchanges.

Monero is the only future, ANON, you work for x hours or do a job for x person, he sends Monero to your wallet from his Monero wallet, and x guy down the street sells games for x Monero as well. Fiat will always be king. but don't tell me you don't understand what cryptocurrency was supposed to be... sad... I was mining in 2012 but formatted my HDD thinking nothing would come of it and that big banks were too powerful... so sad the way people look at it all now. :/

I hear you lynx, but the fact of the matter is that there will never be a successful exchange that the bankers don't control. What they can't control today, they can control tomorrow if they choose to. People using cryptocurrencies is akin to treating a symptom rather than the source. The People first need to gain legislative control at their county, then state and lastly the federal level to gain back control of their lives.

 

[yotano211]

I quote your "truth" again: "...And my energy usage went down when I started mining..."... and that is a LIE 100%, and that is why I got triggered. the fact that you did clean up the house (and got rid of inefficient Core 2 server) has nothing to do with mining - you could do it anytime with or without mining! but whatever - I wont answer to your BS again.

Let me put this into more kindergarten terms.

He stopped using some server computer he was using that drew many watts of power. He started mining with 2 1080s the draw less than the server he was using. He saw a small power draw decrease on his power bill statement.
END OF STORY.

 

[R-T-B]

Let me put this into more kindergarten terms.

He stopped using some server computer he was using that drew many watts of power. He started mining with 2 1080s the draw less than the server he was using. He saw a small power draw decrease on his power bill statement.
END OF STORY.

That is indeed all I was trying to say. There is no need for anyone to get triggered.

 

[yotano211]

That is indeed all I was trying to say. There is no need for anyone to get triggered.

Maybe he/she had a bad day on the job or wife/husband is nagging him/her to life.
To me, anyone that uses "triggered" or "the internet went crazy/broke the internet" or "salty", to me has less than average IQ or failed English classes. I don't tend to believe them.

 

[R-T-B]

Maybe he/she had a bad day on the job or wife/husband is nagging him/her to life.
To me, anyone that uses "triggered" or "the internet went crazy/broke the internet" or "salty", to me has less than average IQ or failed English classes. I don't tend to believe them.

Or simply came from reddit or anywhere that uses "net lingo."

I get what you are saying but words like that are practically mainstream now.

 

[Gregsm]

I see taxes in case of securities trading is just form of insurance, and attempt to regulate and stabilize the price by encouraging holding long term and easing on stupid people getting broke, by deducting losses from the taxes, giving back money basically.
From one side it should look positive for the market, theoretically prevent pump and dump schemes, reduce volatility, maybe give more confidence to institutions and encourage adoption.
On the other side, for the average person it's annoying because it's more hassle to do, it discourage smarter decision making, not everyone is honest and wanna care about it, the government takes their cut as well, but it is what it is.
I wouldn't complain if the system was fair and automatic, so you don't need to run around doing paper work, hire accountants and lawyers, and hope everyone else doing the same. So we'll see what happens.

 

[Vayra86]

I quote your "truth" again: "...And my energy usage went down when I started mining..."... and that is a LIE 100%, and that is why I got triggered. the fact that you did clean up the house (and got rid of inefficient Core 2 server) has nothing to do with mining - you could do it anytime with or without mining! but whatever - I wont answer to your BS again.

You're missing the context - which was: is it possible for the IRS to determine you're mining because your energy usage went up. And yes, it is, but you my also stumble upon a lot more people who actually did something else. And on the other end you may actually miss out on the miners who have done similar to @R-T-B. Hence the pot farm comment, as well..