Crypto-Currency Mining - Digging Your Own Crypt?

[Pioneer1]

Have any of you proponents of Crypt(interesting prefix)-o-currency investing studied the LAWS regarding how it's mined and how any income generated on it must be reported on your taxes?

From what I've been told, it's confusing and painstakingly tedious....not to mention the laws around how any income must be reported to the IRS.

 

 

[ProfD]

I have no stake in cryptocurrency. But, if there's a way for AfroAmericans to build a viable economic infrastructure with it, I'd definitely invest.

 

Right now, all forms of cryptocurrency are illegal in China. I guess that dude Xi Jinping ain't even playing with it. 

[Pioneer1]

Maybe China knows something we don't....lol.

I'm not very educated on the issue, I admit that.
I know next to nothing about it.
However I take issue with Black people building too much of their wealth and economy around anything web based, because all it takes is a massive power failure or a major solar flare to wipe out a large portion of your economy.

We need brick-n-mortar businesses with paved streets and sky scrapers.
Stocks and trades are for people who have already BUILT a solid society and infrastructure and now have time to move on to the more "finer" things.

If you can't fill the potholes in your street, fix a damn toilet, or get the plumbing to work in your community your focus shouldn't be on investing in Bitcoin.

 

[Mzuri]

1 hour ago, Pioneer1 said:

Have any of you proponents of Crypt(interesting prefix)-o-currency investing studied the LAWS regarding how it's mined and how any income generated on it must be reported on your taxes?

From what I've been told, it's confusing and painstakingly tedious....not to mention the laws around how any income must be reported to the IRS
 

 

8 minutes ago, ProfD said:

 

I have no stake in cryptocurrency. But, if there's a way for AfroAmericans to build a viable economic infrastructure with it, I'd definitely invest.

 

Right now, all forms of cryptocurrency are illegal in China. I guess that dude Xi Jinping ain't even playing with it. 

 

 

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@Pioneer1

 

You have to report all your income over a certain amount, including interest income,

on your tax returns.  It doesn't matter whether it's from crypto or a regular investment

account.  Once you start making bank, hire an accountant.

 

As to the laws regarding crypto mining, I'm not sure if they exist, why don't you research 

that and post it here.

 

 

@ProfD

 

China's supposedly going digital.  Digital is different than crypto.

 

 

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[Pioneer1]

Mzuri

After Mel talked about the tax issues with Bitcoin I decided to do a little research on the issue and this was the first site that came up:


Bitcoin Mining Taxes and Regulation | River Financial
 

[ProfD]

5 minutes ago, Pioneer1 said:

However I take issue with Black people building too much of their wealth and economy around anything web based, because all it takes is a massive power failure or a major solar flare to wipe out a large portion of your economy.

We need brick-n-mortar businesses with paved streets and sky scrapers.
Stocks and trades are for people who have already BUILT a solid society and infrastructure and now have time to move on to the more "finer" things.

 

Well bro, in this day and age, the reality is that we need both. Otherwise, we get the dinosaur tag. 

 

Brick and mortar buildings are needed to produce things and warehouse merchandise.

 

A virtual infrastructure to communicate and conduct business across time zones and continents is a necessity. 

 

The pandemic has proven that folks don't need to work in office buildings.

 

I believe skyscrapers will eventually become luxury apartment buildings and condos as more folks work from home. 

[Pioneer1]

ProfD

 

I believe skyscrapers will eventually become luxury apartment buildings and condos as more folks work from home

Or high shelters to take refuge in during the Zombie Apocalypse....lol.

[richardmurray]

here is some crypto information, shared to me by someone black , who is into crypto, but not a member of this forum or website 

 

[Guest Ljhjh]

This is not real, by the way I’m using MetaTrader5 to do forex, at least is more safer for investment 

[Stefan]

China has banned cryptocurrency for a lot of reasons. Beijing wants total control over all financial transactions lest something pose a threat to their Communist slash Capitalist slash Private Sector slash Party Elite-dominated world.

One of the main reasons is because of all the electricity that crypto uses for each transaction, even for a cup for coffee. 

This link will take you to a news story on Fortune magazine's Website detailing the cost of an average Bitcoin transaction.

Bitcoin transactions use a lot of electricity

[Troy]

At some point we will have to solve our energy problems, and i don’t mean for crypto’s sake…

 

I doubt people are using crypto for mundane things like buying coffee. It seems like everyone is buying crypto as an appreciating asset, which is how most people made their money. As far as  NFT’s, despite the well known multi-million dollar sales the average person will make more money “buying on the dip” and selling on the rise. Stocks seem like an easier way to do this, but others know more i do.

 

I purchased about $500! In Bitcoin and $500 in etherium about a year ago (a lot for me) and i doubt I’ve made a penny — i brought way too late. I’m pretty  sure the spectacular gains we’ve seen in the past are over. Indeed i believe a big drop in the value of Crypto is more likely… especially if real utility for the average person is not introduced.