As a 2013 Hodler, here are some observations of what’s going on:

Here are some points so here it goes:

  • Fork. Obviously the BCH fork has caused massive price swings. Whales, bankers, probably the 3 stooges Craig, Ver, and Wu all selling their BTC to make up their agendas thus causing the price to drop, weak hands see this and the price drops even lower. Some conspiracy: Some of these guys did this on purpose to make tons of money shorting and buying at the bottom, if someone could make tons of money who wouldn't?

  • Holidays, TG and Christmas are times of year when people actually need extra money for presents and traveling. Combined with the price drop this is a recipe for people selling out of necessity.

  • Tech has improved. The Bitcoin network is strong, LN is getting stronger. Basically nothing about Bitcoin's inner workings has changed or been compromised which means that it has a bright future ahead of itself.

  • Hodling. All these new people coming in from last year's all time high have not experienced a crash of this size. As a hodler from 2013 this would probably be like the 4th or 5th crash and its just like a rainy day that eventually goes away. If you are new, this whole thing has happened before and it will happen again. Patience is key.

  • Price. This is what everyone is talking about with predictions and which way will it go. Personally I think (which is just an opinion), that the price will go slightly lower due to Christmas time with the whole I need cash thing, but will go higher at some point in 2019 due to the 2020 halvening scheduled for sometime in the middle of the year. People are going to start accumulating in anticipation of this. Every halvening there has been a price increase due to the Block reward cut in half.

  • FUD/Memes. Do not trust anyone (yeah that includes this post) on what is going on. Do your own research and do some critical thinking. FUD is spread around for agendas and getting weak hands to sell. Memes are of course fun and they help refocus on the current matters. Just think for yourself and stick to your own plan.

  • Conclusion. If you made it this far, thank you for reading my rant. Many people are feeling down about the market at this point but the inexperienced do not know this has happened many times before and this will happen again.

The market is very easily to manipulate, it always has been since there is little regulation and oversight on the whole thing. It is a day trader's dream with no regulations and manipulating the market whenever there is an event going on unlike the restrictions placed by the SEC on the stock market.

Put in what you can afford to lose. This means if you throw in $ 100 on BTC or any crypto consider it gone. This will help ease the mind. When I first started I stared at the numbers going up and down and getting worried all the time. Some advice I read was "Don't worry about the price, if you believe in the future you have nothing to worry about."

If you truly believe in the project you really have nothing to worry about. Just wait and be patient. 2020 will be the next interesting time for Bitcoin.

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Bitcoin – The Currency of the Internet

Hi /r/Bitcoin! I quit my job to start Cointaxes to answer questions about taxes and digital currencies so you can have confidence even if you’re not a HODLer! Sharing our first comprehensive article on the Coinbase & Gemini 1099-K. Would love your input on ANY other topics or questions! :)

Hi /r/Bitcoin! Thank you for reading this.

I felt the world of digital currencies is a bit too uncertain, so I want to do what I can to create more confidence and certainty! Please let me know if you have any questions or comments (I'll probably respond to every comment here!)

Check out our first comprehensive article on the Coinbase / Gemini 1099-K

Some "fun" facts you may not know about digital currency taxes

Here's two quick "fun" facts you may not know. We will be posting in-depth articles on these, too. Consider subscribing to our newsletter to hear first when they've been published!

  • Non-deductible personal loss: You should never exchange your digital currency directly for ANY goods or services. If you happen to have a loss on that trade, it will be non-deductable as capital gains losses ONLY apply to "investment" not "personal use" activity. You can read more about this on Forbes, Time and the IRS website.

  • FBAR requirements: This isn't explicitly tax related, actually, but a LOT of my US friends do not know about this important filing. If you ever on a single day, even, held $ 10,000 USD worth of value overseas (Binance, for example), you must meet your FBAR online filing requirements. The penalties can be severe for failure to disclose. The deadline is April 15, but it will be extended to October 15 if you fail to file on time. You can read more about this on official government sites General FBAR information, FBAR FAQS (not super helpful IMO) and the online form itself.

About Cointaxes

Cointaxes was formed and funded with the mission to establish confidence and certainty around cryptocurrency.

We see global adoption of digital currencies as an inevitability. The uncertainty lies in how effectively and smoothly this once-in-a-lifetime shift occurs. As a tax preparation service, we have a special seat in the cryptocurrency ecosystem directly related to this uncertainty: it is our job to help both citizens and governments around the world understand how to use and treat digital currencies.

  • We will regularly invite regulators, lawyers and tax experts to private discussions and public webinars to ensure you will have a firm understanding with each regulatory shift as the world adopts cryptocurrencies.

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Disclaimers

Important Disclaimers: This is NOT tax advice and should NOT be relied upon for making any tax decisions. We always recommend speaking to a tax professional before making decisions related to your taxes and our guides are not a substitute for tax advice. While I have assembled and provided this information to the best of its knowledge, I make no representations or warranties as to the accuracy or timeliness of the information contained herein. You can read the full disclaimers here.

submitted by /u/StopTheVok
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Bitcoin – The Currency of the Internet