Talking Crypto & Taxes with @lpfaust...Denver Day for Crypto.

in cryptocurrency •  6 months ago

Today I sit with @lpfaust and discuss taxes, Crypto and the conference held at the Westin Hotel for the Denver Day for Crypto.

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That's a great talk @broncnutz. I also like to attend such events where people from multiple domains come across you. I think conferences like these help you with learning about cryptos combined with other aspects of your financial life. How the systems are changing and the way operation works now. They also help you to network superheroes like you and @lpfaust. It should happen all over the world multiple times which in turn will take Cryptocurrencies to the main stream.
I agree with him saying that a lot of the system is still centralized and we are still trying to onboard as many people we can to this Decentralized world. That's the power of network. Cheers guys and I hope to see more interviews from you guys. :-)

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@hungryhustle I think by far the best speaker during the event was Erik Vorhees. He had some very well reasoned thoughts around how the age of decentralized money is on par with the significance (both of the fight and subsequent change) experience from religion and science.

I wish i'd recorded it, but I think it dovetails so well with what we are seeing in the rise of neo-triablism, movements such as the localvoire movements and to a much larger degree the rise of stateless terror organizations. It's something I've been writing a series about which I will one day publish.

Might need some crypto accounting soon, nice work.

Ha ha... those momos on youtube doing it for free! Great interview... thanks I'm going to check him out.

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You dumb youtubing MOMO's!!!!!!!! We get paid for out thoughts up in here son!

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I started buying cryptos in July and had to get up to speed on the tax issues when I filed my return for 2017. I was disappointed that crypto transactions wouldn't qualify for like-kind exchange treatment. (Well, I was not willing to treat my transactions as like-kind exchanges and take the risk the IRS would disagree.) There is good software published by BitcoinTaxes that can download transactions from the major exchanges and handle the purchases and sales for tax purposes. The analysis can be saved to a file that can be uploaded to TurboTax. (This only works on the CD version of TurboTax, not the online version.) This made doing my taxes a breeze.

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My software of choice for tracking all the recordkeeping for crypto is cointracking.info. Amazing piece of software supporting so many platforms and exchanges with API hooks.

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I'm not familiar with that software. I was very happy with BitcoinTaxes. The price was reasonable and it saved me from having to spend dozens of hours doing the work by hand.

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Σ$$$ Tipped @lpfaust Σ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.207 USD per SMART. Current value of the tip is $1.03 USD. To find out more about SmartCash, please visit https://smartcash.cc.

Hey Mr NUTZ! Just wanted to stay in touch and let you know how inspiring and influential you have been on my life, my fathers, and countless others. Quite amazing. When you joined you probably didn't know how much effect you'd have on others.

Same with me. I've influenced many people's travel plans, and how they even look at traveling in general. I've helped plan retirements and given all sorts of travel strategy too. It's truly incredible the influence people can have by just getting exposure through steemit.

Seeing you at Anarchopolco and now here at this convention really has me motivated to follow in your foot steps, now that I have the means, basic crypto knowlege, and interest in the subject I'm planning on getting involved like you are. So thank you for the crypto education and inspiration to be more NUTZ! Where is the next crypto convention, maybe I can attend?

Checking in from Cusco Peru! 11,300 ft above sea level home of Machupichu! -Dan, Steemit's "World Travel Pro!"

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Peru?!?!?!?! U SUCK!!!!! I have always wanted to check that joint out. Thanks for the kind words cuz, I actually dont really know what the masses think of my blog to tell you the truth. I just try to make the best vids I can and then just let the chips fall where they gonna fall. I think the next GOOD convention is gonna be at Anarchapulco next year. Its fun there, you should most def try and make it. You dont have to stay at the hotel, there are lots of options.......hell who am i friggin talking to???? Trying to give a "World Travel Pro" traving advise......gonna shut up now.

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I almost spat up my Alpaca Steak! Reading this final part. lol

Yes, I'll likely sniff out a joint for 12 dollars a night three blocks outside of the tourist area then chill on the luxury premises all day with and others! After all it is Mexico, not Luxembourg. That would be the Budget Travel Pro thing to do! lol

But who knows I may be balling in steem by then! And just go for it like you did this past year. So I'll certainly keep this convention in mind and hopefully be able to work it into my travel rout. As I'm heading to Europe for the Summer and Fall so not sure if the timing will be right.

However I did promise myself I have to go to steemfest this year. So no mater where in the world it is I've got to go. Do you plan on going to Steemfest this year?..... assuming there is one, I haven't heard an announcement.

Thanks for getting back to me with this great info. Much appreciated. By the way Alpaca Steak is friggen gooooood! I'm eating my very first this moment and almost spat it all over my screen! lol

Have a great night Cuz! I'll be intouch.

One very interesting thing Faust said towards the end of the video, monetary system based on mathematics. I kind of know that blockchain runs by solving mathematical problems and mining blocks. But do you have any resources....any books or articles for example which explains the technical details....the mathematical details of how it actually works? I've been trying to understand exactly every minute detail of the blockchain technology and so far i only have the basic idea....but I have this habit of being absolutely thorough with something before I try to preach it so people....in this case to people outside the world of cryptocurrency.

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Faust is a smart dude cuz, follow him....you can trust his info.

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Yep, Already following him :D

Nice interview. Wonder what the wait the world will look like when people will “NEED” to buy crypto. I’m excited and nervous for that day.
On a side note; what did SALT lending have to say?

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As i scroll to the next video... i see it’s SALT. Doh

Wow very nice event. Keepkey had a nice sign there. Accountants specializing in BTC could do very well.

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@realestatecoach one would think with the dramatic rise in overall interest in cryptocurrency, most accountants would ahve moved into this space immediately. The reality is most are avoiding it and echoing the "ponzi scheme" talking points. It became an area of speciality for me out of necessity once I purchased my first Bitcoins in 2013. Now I have more demand coming my direction for services than I can handle.

I think within the next two years, the accounting profession as it currently exists is in serious danger of significant bleed out due to blockchain tech. Blockchain directly targets everything my profession offers as a service. For the time being, yes an accountant with knowledge about the space is a hot commodity.

With the price of Steem down so much, I think I will report a loss and Get a deduction from my income tax. Thanks for posting, wish I was there with you

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@briandenver just remember if you have no capital gains to offset against the losses, you will be capped at $3,000 for deduction against your ordinary income. Bear that in mind when considering if you should take the loss.

Nice to meet James, Very healthy discussion @broncnutz

Wowww, Another interview!!!!
Glad to see you again @broncnutz
We learn alot from your interviews and today topic is very interesting Crypto & taxes
Thank you @lpfaust for your talk on the topic
Stay blessed

Very Interesting Post Brother... You've finally locked down the Real Deal OG BroncNuzt Blog - LOVE IT #broncnutz #REALDEAL

Taxation is a difficult subject to grasp for the average investor, glad to see you are taking it seriously. With every trade you make you have to consider the tax implications. My biggest question is for non-US citizens, is how will they account for dual nationals and coins moving across boarders? Some of these are impossible to trace and make it very easy to avoid tax all together. Please pay your taxes people. I am not recommending anything but.

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@cripticat public ledgers provide honeypots for auditors to go after. Consider on most the only hurdle an auditor has to overcome is determining which hash on the blockchain is associated with your name. At that point, they have every piece of history associated with that wallet, including the exchanges you moved everything into, and all associated wallets with that exchange and so on. Never forget most coins are pseudo-anonymous.

Regarding individuals who are expats, or those who are legal residents or dual-citizens, there are a host of rules to become familiar with. Nevertheless, I would encourage everyone to understand those rules because cryptocurencies have become an area of special interest and stepped up enforcement for the IRS.

Wonderful! once again awesome interviews @broncnutz its a very useful information to me learn more about crypto. @lpfaust is great men to spreading knowledge about Crypto & Taxes for this community, I am very glad to watch your every video about crypto holders and many new ways to get cryptocurrencies ..
Looking forward to your more informative videos !!

I agree with accountants being kinda redundant with cryptocurrencies. I feel that with public ledgers and decentralized blockchain solutions we can keep track of what we use for transactions well enough on our own. Less fees and constant use cases will keep many people honest and accurate.

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@cwise009 blockchain ledgers will wipe out virtually all legal an accounting services. Already so many blockchain projects are focusing on those aspects. Look no further than VeChain to see a perfect example of this.

Excellent video i have watched today two of my favorite steemians so it was double the fun for me

Every aspect well explained by sir @lpfaust, educating us with such news, @broncnutz u come up like a hero everytime...

If cryptocurrencies are there to be used all over the world and not fixed to a certain centralised system then if there is a tax, it should be tax to a common place (crypto government which manages the ecosystem) and not to the normal governments. However, normal governments intervene (conveniently) to ensure their citizens compile with their regulations. Should personal gain tax be implemented in crypto, which is operating in a decentralised space? With fluctuations it can't be pinpoint if you gained or loss over the year. Well, it can, but it's a massive headache! We have been invested in crypto for four/five months, we are now just about the levels we started at. So no gains or losses as such. We see our 'money' in crypto as an alternative 'bank' account where you can either get great interest rates or tremendous losses accumulated over time. We haven't personally used any crypto for use, but that's because we're just HODL-ing.
✈️👫

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Σ$$$ Tipped @traveling-two Σ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.205 USD per SMART. Current value of the tip is $1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.

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You can use the following commands:

  • balance - displays your current wallet balance
  • address- displays your deposit address
  • withdraw <amount> <address> - withdraws the amount of SMART to address
  • tip <username> <amount> - sends the amount of SMART to username
  • terms - displays terms and conditions for using @smartbot
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You have Σ0 SMART (unconfirmed: Σ0 SMART).

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now you gonna owe taxes on this tip i just gave you! Muhhahahahahahahahahahaha

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Hahaha this is actually a cool bot. Won't pay any taxes until I claim it 😜 (I'll claim it in a bit)
Thanks @broncnutz for your continuous effort to inform us about crypto!

Nice camera work!

This is an area for me where I still have a lot to learn. Thanks for this interview. I love how you cover really important topics (like keeping crypto safe and properly preparing for taxes) and not ONLY the sexy stuff. Thanks a lot man, great work.

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Thanks for noticing cuz! I always try to bring ya'll something of value. Sometimes I swing and miss though......

@lpfaust is a great man he has a vast amount of knowledge and always help everyone :)

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Σ$$$ Tipped @blazing Σ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.205 USD per SMART. Current value of the tip is $1.02 USD. To find out more about SmartCash, please visit https://smartcash.cc.

Very cool guy...following his blog now! Taxes need our attention so another piece of the puzzle. Thanks @broncnutz!

Your new camera setup is working great!

its a very knowledgeable conversation .............you always try to give us some good theme about cryptocurrency............that give us new hope and inspiration.......really you done a better job............keep it up..........all the best.........

Wow...wonderful and interesting meeting...
Wel done and perfect work @broncnutz sir...
I'm really know @lpfaust is one of better hudge steemian in this platform....

Wow.... Beautiful conversation........ Thnks for share

Wow!beautiful
thanks @ broncnutz to meet us james

Great information about taxation,have a great day sir,following you so i cannot miss any updates from you,looking forward for up comming blog posts.

very important conference sir. thanks for share with us.

Great conference and your conversation..... keep it up... thanks for sharing the post.

You both definitely touched on points that only experts could. The aspect of accounting isn't something I would really even be able to speak much on. Public Ledgers to the future though!

He made some good points and That was a really informative chat. It is really great of you to find people and answers to all our questions. I appreciate all the valuable efforts you put in.

Good one @broncnutz......you always doing the best.

Thanks for share your valuable knowledge. Great thought. Keep it up and well done.

So how this meet gone dear friend ?
I think it's great

Keep key, @Broncnutz another good interview,
Its good to see you again.

Wow Excellent video

As non-governmental currencies become sovereign, mandatory taxation may become (and hopefully so) impossible.

Nice interview there with @lpfaust got to know a lot and it was one of the best interview so far :)

Decent to meet James, Very sound discourse @broncnutz

Quite interesting discussion with James.

Crypto Taxes: such a great video,you have said parcel of points,as a newbie don't know quite a bit of it

a beautiful day there along with the man himself @lpfaust brilliant to know much more about crypto and the work he has been upto :)

wow bro today's interview was more amazing than previous one you are showing the best of Denver Day for Crypto on steemit :)

i hope it is best one..... well done l....
thanks you.....

great to have some knowledge on the profits made with crypto as many are not aware you are putting some great content on steemit :)

great discussion there about crypto taxes and many more wonderful to see the interview

talking about taxes has always a worry for me but today i learnt a lot from this interview thanks to @lpfaust for sharing his knowledge with us all

wow that's great to hear you are doing great job i appreciate ur work keep ur efforts like this u are always good keep it up @broncnutz

it was loud in the background but it was fun to see interesting talks out there :)

It would be good meet denver .

@1pfaust took the lot of true points in this video about new cryptocurrencies taxies. I agree that if decenterlized blockchain solution is best in this way to use in it transection. It whould be a great impect on crypto, and the ways of work are easily do it. I hope many peoples get more benefit through this crypto taxes.
Thankyou sir for taking interesting interview😇

discussing on taxes seems great today different kind of interview awesome fun along there

Great discussion :) Sounds like he knows a lot i've always wondered about the tax side of it with crypto

Crypto Taxes: such an awesome video,you have mentioned lot of points,as a newbee dont know much of it,thanks a lot.

Nice post. Thanks for sharing

nice post and nice to meet

w0o0www Superb Man. Yo are doing such a great job. I have learned many things from your videos. Thumbs up for this. keep educate and entertain​ us like that. stay blessed <3

capacity penury a number of crypto accounting soon, fussy work.