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Bitcoin & Tax: The Coming Coinbase Fiasco – Mike Maloney

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More Bitcoin Videos here: Mike Maloney takes a look at a very important Bitcoin issue that could prove to be a market-mover in the new year: The IRS has realized that Bitcoin is a cash cow for them, but at the same time there is just a small percentage of Coinbase users who are filing gains or losses. What could this add up to?
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76 Comments on Bitcoin & Tax: The Coming Coinbase Fiasco – Mike Maloney

  1. hi mike. so when gold/ silver hits $10000/$600, do you think the same thing will happen to those holding gold/silver ? they will be hunted down by the irs?

  2. What if the classic boating accident with Bitcoin. Whops, i lost my bitcoin, send it to a wrong address, dunno, damn all lost 🙁 Sorry, dont have any bitcoins no more. Lost them the same day i transferred dirty FIAT to coinbase.

  3. I don’t know what the rules are in America regarding tax reporting on cryptocurrency. But in Australia it is stated on the ATO website that capital gains tax only needs to be calculated, reported and paid when you sell your cryptocurrency back into AUD. ie. If you don’t convert back to fiat currency you don’t pay tax.

    • Well it would be stupid otherwise. They can only tax you in legal dollars not Bitcoin and besides this the price is changing every 5 mins. It would be insanity

    • Frank Sparks
      funny how the word “legal” is used describing the fiat currency…It has got to be the most Illegal thing in modern history since it detached from a gold backed dollar. IMHO.

    • Mark
      Eventually it will have to be taxed..or hold on long enuf for the issuing fake currency to collapse and the new currency , crypto, takes over.

    • Mark There is something about purchasing stuff up to 10k with no tax as well, have to check in to it. I paid cgt a few years back only on what I converted back to fiat.

  4. What if people stay in the anonymous btc and don’t convert back to usd? BOOM! Tax can never be collected cuz you don’t officially have anything!

  5. I see a lot of egoism in the crypto space. Don’t underestimate the government’s ability to tax. Also, unless bitcoins average monthly volume is at least 30% of its market cap, there’s gonna be a an interesting situation.

    • It’s not egoism. It’s frustration at the lack of intelligence amongst the vast majority of the population who simply refuse to acknowledge that cryptocurrency is a paradigm shift unlike anything before in the world of money. If you want to shut your eyes and turn off your brain, go ahead. There will be millions like you who just don’t get it.

    • So what you’re saying is there is no possible way for the government to tax crypto gains, simply because they don’t understand it? That has been my experience with crypto fanatics, no matter what I say, or how valid my concern is, I just don’t get it. So let me tell you how it works; a guy I know asked me last year if he should buy bitcoin. I said to only invest money he is prepared to lose and to pay attention to the tax issue. He then talked to a guy who basically got him to go all in. Now, he has great gains, but, as it happens, our government declared bitcoin mining and trading to be a taxable business. So when he sells his bitcoins, he has to pay 20% tax + he is treated (and will probably be fined) as working without the govornment’s permision and will also have to pay into the welfare programs as all entrepreneurs do. That is the situation in Europe, anyway.

    • Alen miklavž
      Actually I’m thinking a lot of people are just too concerned about the price, of course investors want to make money etc. That’s perfect;y fine.
      What the problem is, is trust. People are losing trust for central organisations, governments, banks etc because they are so out of touch with the people, they don’t face the problems the individuals at the bottom have and their decision making is quite poor. The impact of this decision making has a bigger impact on society as a whole. You would’ve realized that with all the protests happening across the globe whether the intentions are bad or good. We are descending into chaos, a shift and certainly people want more transparency, better decision making and better choices. All of this is being exposed right now though the underlying technology of Bitcoin, the blockchain, peer-to-peer consensus and global networking. The internet was the first step to expose “Fake News” now even better technology is exposing the financial systems, our money. Look up Andreas Antonopoulos’ “Architecture of Trust”.

  6. There’s some serious delusion in the comments so far. Do you really think the establishment will go down without a fight?

    • GoldSilver (w/ Mike Maloney) yes, there is serious delusion in the crypto ponzi scheme for sure. My only point would be that it is not taxable until a person sells for a gain or loss. I have no crypto myself, but it seems like people are buying and holding and not transacting in it..

    • they are gonna have to learn the hard way, it’s funny how some individuals think they are smarter than the IRS.

    • Mike, you made mention of a bitcoin transaction historic log and I would like to know which application can we use to view that?

  7. Mike, you seem like a nice guy. But you are clearly frazzled by the fact that BTC is skating circles around gold and silver now. By all means – keep the FUD coming, if it makes you feel better. lol. Too funny.

  8. The most clever thing for the majority to do is stock up in Cryptocurrency, PMs, Weapons and Food. You’ve got yourself covered if these central authorities try to screw you over. Remember there is strength in numbers, decentralised communities and peer-to-peer networks will seek to rip apart the hierarchical systems we have in society and centralised financial frameworks. It’s only growing bigger and we are entering a paradigm shift. Power to the people and not certain evil individuals!!!!

    • I totally agree, but you need to know that one machine can disable the entire city. Well, maybe few. But technology will screw ‘numbered people’.

      It’s like having a tank in the old era. It’s not that an arrow will ever penetrate the tank. The tank without shooting can just run over them and destroy.

      In this case, they can make you deff, I mean, they have special veichles that can do just about anything.

      A gun, these are nothing. Especially when special forces come. They are trained to kill.

      Ever played a game where they shot? Usually you are Special Ops, in the enemy militarybase. Military people are average people. So of course they will get whiped out.

      It’s like having a MA or UFC person, fighting many average people. THe UFC person will crush them most likely. ANd you can see some vidoes.

      We are talking about armed stuff, so that’s even worse, because GOV has advantage.

      Did I mentioned about bombs? Tanks running over people? Try to stop that.

      GOV is an organization that has military behind, and unless the military people won’t group with normal people for peace, then we can’t do nothing.

      Best MA stands no chance against an average marine, just because he can shot him.

      A Marine stands no chance against anty terrorist person, just because whatever the marine does, it will have no effect on them.

      A special force person has no chance against a special force vechivle.

      Ok, not all is accurate or whatever, but still. Look up on what they are building against people.

    • And society doesn’t matter. Look, we are in debt. We can’t pay off debt. We are working to pay off debt, that can’t be paid back. So the money are printed basically from thin air. So what is the difference between they using printed money to make roads? Well, it’s not they take money off people, which they could just print. But this should slow the inflation I believe.

      Watch Hidden steps of Money EP 4 – Mike Maloney. You see why it’s a scam.

    • I say that for Bitcoin 3 good years ago, now is the time we need talk about physical $ilver. Thanks for coming..

    • It’s BitCoin today, silver tomorrow. These runs never last an entire lifetime. I firmly believe in the wealth cycle analysis that Mike has pointed out. These cycles fall in conjunction to how long our human existence is. You may be born into a depression or you may be born into a golden age. Anticipating the next season is your opportunity.

  9. IRS taxing crypto money means they are treating it as a commodity, and not as a currency. To the IRS the only currency on US soil is the US dollar.
    People liquidate your crypto while there’s time. It’s a Ponzi scheme.
    NB: the fact that Wall Street hedge funds are on it means something is about to stink. YOU’VE BEEN WARNED!

  10. We live in a digital world.
    BTC is Gold 2.0.
    BTC will easily exceed Golds Market Cap of $7T
    1 BTC will be well over $300,000
    BTC is a global movement.
    Underestimating BTC is one of the worst financial decisions ever.

Comments are closed.