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BTC Will Fall: The War on Fraud BeginsBTC triple topped into the ascending triangle which broke down to the downside, an extremely bearish move. I wondered why altcoins are up and I believe it is because everyone is liquidating out of BTC and potentially into stablecoins. I strongly believe this investment by the US gov into the IRS is to crack down on illegal principles funded by drug dealers, credit card scammers, and unemployment fraud scammers, who use the blockchain network as a web for their operations, I strongly believe this also includes the cartel but I think the cartel > is way stronger than the government and we'd never come for them, but actually, that would make more sense into why we're funding out IRS as a military at the moment, fascinating. Just to explain how this web works. Someone can pretend to be you, order unemployment debit cards to YOUR address, stand outside of your house, and catch any mail that would've notified you of this activity. They will then proceed, to deposit this let's say for example $10k into BTC. They will then proceed to advertise to people "hey, send me 5k, and I'll double it, to 10k and send it to you" these people take their tax-paid cash hard-earned and then send it to the scammers. These scammers now have 5k in clean free cash flow, and the victim who sent them 5k is going to be sent 10k in illegal cash flow. Now the blame is spread across the American people. And just imagine what was happening when stimulus checks for thousands of dollars were floating through to people that didn't know if they were eligible. Another point I also have is that most BTC holders don't pay their fair amount of tax on capital gains. Even these public millionaires I believe use the BTC as a tool to escape taxes. Anyone can simply say "oh, I lost the crypto wallet password, I have no capital gains" which is technically true because I have sent crypto through the wrong network before and lost it, however, exchanges account for that information and I'd be safe. However, these degenerates who think the government isn't a mafia, are going to be taken by surprise by the amount of taxes they will need to pay, forcing them to liquidate. This second point is dependent on how the IRS classifies BTC, because if it's property, then things are different because you don't pay capital gains on your house, but you do pay a property tax year over year so there's that, they'll potentially put in a "Billionaire Bill" which forces people to liquidate and pay taxes for owning their property based on a percent. If not treated as property and instead as an asset or currency, then spitball fire and this is gonna be a messy slaughterhouse of taxes needing to be paid, I believe both possibilities lead to a bearish decline to at least 21k, then a potential 19k, I'll see if 18-19k support holds, then go in, but if not we could see bearish lands of 11k but I don't honestly see 11k happening unless huge market activity pushes this sentiment.
Short
by kibakilla33
6
Coinbase and taxesThe I.R.S. has been rather clear about their intentions to collect taxes on cryptocurrencies , yet vague about in what fashion to do so. Many in the crypto community bought some of their first coins on coinbase basic, despite their exorbitant fee's and wild point spreads , and coinbase as well as coinbase pro (gdax.com) , being U.S. based companies have been subject to IRS demands for information as early as 2016. Coinbase successfully defended the privacy of some users at that time, but the I.R.S. isn't going to stop there and we all know it. Coinbase' shamefully expensive base site and their step up platform have both led the way in informing users of their tax responsibilities , yet cannot as of this time generate workable .csv outputs. Opened in Excel , there are missing timestamps - imported into tax software , sales show up as withdrawals ; in the end the information they provide is not only inaccurate and incompatible with everything that I have tried , it generates negative coin balances , usd balances , unfulfilled withdrawals - transfers , resulting in the cost basis of the incoming exchange currency being 0 dollars. Imagine the taxes on that. The community needs to DEMAND better from coinbase. If your account still exists it is time to write support tickets, if it doesn't , they hopefully have your history or the cost basis for transferred currency to a new exchange is 0. Example :You bought in this year , early , buying a Bitcoin in March for 8800 USD. You didnt sell it , but transferred it to a different exchange , and used some of it to buy another currency. That is a sale with a cost basis of 0 , meaning it's all profit even at it's current , low price. What would have been a deduction is now an additional , potentially very significant expense. Or perhaps you bought in early , and later transferred your BTC to Binance, where you sold 30 BTC for 18k each. Your original cost basis according to coinbase generated reports is 0. Not 100, or 500 , or 4k , but 0. It's like a gift subject to capital gains. The IRS doesn't like inconsistencies , and coinbase even has links to the latest , vague IRS doc on CC's , but still provides b.s. info. Perhaps coinbase should be made aware not only of this , but the possible consequences of THEIR failure to comply. On a side note, what is with BCHSV? Is it sharkpool? Is there still a war against crypto being mined properly?? How could someone support that? This is about CHOICE , something that camp wants to eliminate.
BITSTAMP:XRPUSD
by Cryptocautious
Bitcoin 2018 Spring Roadmap, IRS/Tax April Cashout Theory [BTFD]Greetings once again BTFD members, lurkers and first timers! Weclome to the greatest show on Earth right now!!!! Its been a really fun and exciting path towards finding the TRUE value of Bitcoin since the rather over-inflated peaks of December and January So what is the true value of bitcoin? its different for every person to be frank and thats why its having such a hard time finding its floor and is performing exactly how it should considering the tech and what it does and can be used for my main theory which has also been confirmed now by a few other btc charters such as goldbug, the US Tax/IRS stuff concludes on April 15th or so i am to believe, meaning people who bought and sold BTC last tax year now will have pretty large taxes to pay off, many people probably didnt know or realise this until too late and hence why there has been such a huge sell offs every week about $5-20bn has been going OUT of the market and not coming back in nearly as much, the Mcap clearly show this So im charting that after 15th April we might see some trickles of life coming in to back bitcoin back up to some even stupider levels than the last all time high BUT..... until the 15th im totally bearish and by looks of things we are going to see a sub $4k bitcoin after all. i expect the sell-off to be quite short and the rebuy very fast as i have been saying since last year this would play out around these levels so you can use my chart as a guide for rest of the spring/summer and see if my theory is right, be nice if it is, cause im leveraging every part of it this year! WHEN MOON? WHEN PARABOLIC? End goals if the Gann fans hold then im seeing a nice cross around $12.5k for a first target and then back onto test ATH's after a small correction/pullback Will be a Golden cross formed if the buying after sub$4k is steady and fast Expect bounces on fib levels and we will go much more into detail via the telegram and our new discord playroom (PM me for details) JOIN US ON THE LINKS BELOW for 24/7 FREE Bitcoin and crypto coin analysis and ZERO pump and dump spam :)
COINBASE:BTCUSD
by majorlee
4
Sell Facebook before the news is out I'm short $FB with $89 puts that expire in few weeks, $87.5 puts that expire in August and whole assortment of other FB puts. IMO this is like trading with inside information, the news is available, but hidden well in Facebooks last 10K filing in January 2015. FB says " We are being examined by the IRS" in that filing. They also say "We are unable to estimate the full range of possible adjustments" At issue is a tax loss carryforward tax credits that FB has taken but not eligible for. Evidently the IRS code says that a tax loss carry forward cannot be transferred if ownership of a corporation changes by over 50%. That happened to Facebook when it went public. So far FB has taken tax credits on $3 Billion of a $7 Billion tax loss carryforward which will be denied by the IRS. FB profits will turn into losses when FB has to restate earnings. You can find this information hidden in Notes to Financial Statements in the Income Tax section of the 10K. Technically FB indicates a sell by the Stochastic indicator and other indicators on a daily chart. The fundamental news outweighs all the technical indicators imo. Sell Facebook ASAP. Stop loss at $89.50
NASDAQ:METAShort
by FDNYret
The perfect time to short Facebook is now.FB has hit resistance at $83. Three times was not a charm for $FB as it could not close above $83. The daily stochastic indicates a sell today. My favorite indicator at present is the Aroon up, I use it to indicate tops in FB when it hit 100. It did hit 100 on Thursday and went lower on Friday. When it hits 0 in about 15 days, I expect FB to between $74 and $77. $FB could be much lower if the news about FB using tax credits for a tax loss carryforward that it was not entitled to are published by national media. Evidently the billions of dollars in tax credits for a tax loss carryforward are not transferable if ownership changes in a Corporation by greater than 50%. This happened when Facebook went public. The loss of these tax credits will cause FB to pay Billions of dollars in back taxes and profits over the last 3 years will turn into losses imho. I'm short FB with $83, $82, $81 and $80 puts with expirations from 6/26 to 7/10/2015. I have notified numerous news agencies to this information which can be found in FB's 10k filed in January 2015. It is hidden well in notes to financial statements in the income tax section. FB says "we are unable to estimate the full range of possible adjustments" in the 10k I estimate Billions of dollars in "Adjustments". Fb sugar coats the news as thinking it will affect only the future tax loss carryforward tax credits. The reality of this situation is that past tax loss carryforward tax credits that FB has taken over the last 3 years will be denied because of the change in ownership of greater tha 50% with the IPO.
NASDAQ:METAShort
by FDNYret