2018

[r/CryptoMarkets Daily Discussion] - 27/Mar/2018
IBM VP Confirms Stellar Lumens Will Be Used as Bridge Asset
[ANN] Viewly Alpha is now Live
South Korea’s Largest Multi-Billion Dollar Conglomerates Enter The Cryptocurrency Market
Vitalik and Aya Miyaguchi meet with Japanese Minister of Foreign Affairs (equivalent of Secretary of State)
[US] IRS Taxes on Large Number of Trades
A Hitchhiker’s Guide to Distributed Systems - by Storj
80,000 New Merchants in Europe Gain Option to Accept Crypto - Bitcoin News
My brother and I have talked crypto everyday since 2013. Here he is joking about it in the best man speech in 2015 (my wedding). HODL.
Working on Public Wi-Fi? Think Twice!
Ripple Gives $29 Million in XRP to DonorsChoose.org
We have NOT quit our jobs, this IS our job, it is full-featured desktop trading software for Binance, GDAX and Poloniex. All the tools for active traders. Tell us what you think.
Polymath Partners With Crowd Machine To Boost Adoption Of Security Tokens
Kees de Vos, CEO of MobileBridge, discusses the importance of Capturing ‘value’ in Marketing
Sunny and Stormy Days in Lightning Network
The first blockchain-based IP Sharing platform, IPSX, announces its new partnership with Data Center Luxembourg
US college students and employees switch to using Cryptocurrencies to earn profits
Can Blockchain Save Us From Fake News?
Stateless payments for stateless people (an article from OmiseGO founder)
Ripple co-founder Jed McCaleb blasts Ripple, explains why he left the company...
Twitter Bans Cryptocurrency & ICO Advertising, Starting Today
StealthCrypto Launches Privacy for Mobile Phones
StealthCrypto
Coingate Partnerships with Presta Shop – More than 80.000 Merchant Able To Accept Crypto
Interesting comparison between sentiment of two mayor cryptocurrencies. Ethereum has much better sentiment level than ripple. Also XRP sentiment volatility increased.
Korean internet giant Kakao denies planning an ICO but confirms blockchain integration

[r/CryptoMarkets Daily Discussion] - 27/Mar/2018

Posted: 26 Mar 2018 11:05 PM PDT

Welcome to the /r/CryptoMarkets Daily Discussion thread. The thread guidelines are as follows:

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submitted by /u/AutoModerator
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IBM VP Confirms Stellar Lumens Will Be Used as Bridge Asset

Posted: 27 Mar 2018 07:32 AM PDT

submitted by /u/babsamajabsma
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[ANN] Viewly Alpha is now Live

Posted: 27 Mar 2018 11:28 AM PDT

submitted by /u/david_do_yyc
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South Korea’s Largest Multi-Billion Dollar Conglomerates Enter The Cryptocurrency Market

Posted: 26 Mar 2018 11:45 PM PDT

submitted by /u/DifficultDuty
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Vitalik and Aya Miyaguchi meet with Japanese Minister of Foreign Affairs (equivalent of Secretary of State)

Posted: 27 Mar 2018 10:55 AM PDT

submitted by /u/erdal_mutlu
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[US] IRS Taxes on Large Number of Trades

Posted: 27 Mar 2018 12:20 PM PDT

Hey guys, how do you do your taxes? I have over 250k trades over 4 different exchanges. Not that much profit, as all transactions are tiny.

What software do you use?

Bitcoin.Tax completely fails to calculate that many trades
CoinTracking.info is better, but has two problems:
- Produces questionable numbers. Numbers are way too high for FIFO and way too low for LIFO. I know that my gains are somewhere in the middle...
- Once Tax Report is generated - Detailed Calculation link doesn't work. On the "Load Report" nothing is working except for TurboTax Download. All other options return empty files.
TurboTax cannot handle that many trades. The CoinTracking report is broken into 89 files and TurboTax takes 10 minutes to just load one file.

Since I am a developer, I wrote my own code to go through spreadsheets produced by exchanges. I was able to get accurate numbers. FIFO and LIFO both produce fairly close gains. Now, I could try to enter summary of my gains to 1099-B for each exchange, upload to TurboTax.

Did anyone use LIFO?

I read that a lot of CPA's recommend FIFO and there is no official guidance. But in stocks anyone is welcome to use LIFO, and so far the only recommendation from IRS was to treat crypto like stocks. LIFO gives me better numbers and more long term profits (or losses).

Did you file 8949 or just 1099-B?

Not sure what to do if they ask for 8949, which requires to list every transaction. I guess I could generate that form and mail it over since they don't seem to accept electronic files. But it would be a Major Payne.

Did you apply for the Status of Active Trader?

If so - what benefits did you gain from that?

I really appreciate your responses. Since all crypto's dropped after Dec 31, 2017, I will end up paying almost all of my gains in taxes. So hiring a $1000 CPA is not an option for me... besides, I doubt any CPA's want to deal with 250,000 transactions... I gotta do everything myself...

Thanks guys!

submitted by /u/neoshnik
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A Hitchhiker’s Guide to Distributed Systems - by Storj

Posted: 27 Mar 2018 11:23 AM PDT