“I just discovered that I owe the IRS $50k that I don’t have, because I traded in cryptos. Am I fucked?”, wrote they had ended up with a $50,000 tax liability on trades after they sold $120,000 worth of bitcoin to buy different coins. The current value of those coins is about $30,000.
“I feel like I might have accidentally ruined my life because I didn’t know about the taxes,” the poster wrote.
RT asks if this week’s cryptocurrency crash was part of pump & dump scheme, citing ‘suspicious delays’
A US Government regulatory agency that has the power to ban transactions in cryptocurrencies has given members of its staff permission to trade Cryptos. The last time the agency made a pro crypto move, allowing Bitcoin futures in the US, Bitcoin jumped 13%. That was on December 1, 2017.
We are watching the reaction of the market to this news.
This coin is so mysterious. The project’s only blog post so far, published Nov. 1, 2017, opens with a sentence designed to pique the interest of a Game of Thrones-loving crypto investor: