# Anyone end up investing in Bitcoins? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [October 21, 2013, 8:34pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431 "2013-10-21T20:34:08Z")\ **Posts on this page:** 20\ **Page:** 40
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 1, 2018, 8:04am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/781 "2018-01-01T08:04:17Z")
> [@ubengineering](#): > > I’m still up in the air about it. No matter where you trade money has to start from a bank account somewhere. @**[choko](http://www.nyspeed.com/member.php?u=239)** would def be someone i’d wanna ask since he has been confirmed in this thread to trade in the 7 figure arena. > > Another scenario for @**[nermoria](http://www.nyspeed.com/member.php?u=32279)** Now I can’t speak for you, but how does anyone explain a 5 figure or more cash deposit from coinbase to the IRS if audited? > > EDIT: I guess you could do it in pieces less than 10 grand but idk, the IRS isn’t stupid. > > [https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/](https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/) > > Forgot about that^^ You can’t structure payments under 10k its also illegal :lol: Banks/etc have software that looks for things like that The other thing is Coinbase/Gdax has an insane amount of users reporting over 20k+ accounts I can understand but im guessing the majority of people here are sub 10k and I don’t really see the IRS trying to correlate all that data. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 1, 2018, 8:09am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/782 "2018-01-01T08:09:09Z")
I can confirm that banks definitely scan for deposits where you’re trying to hide over 10k by breaking it up. I wrote the report our credit union software uses for exactly that purpose and it’s called the velocity of funds report. It generates the report your bank/cu has to submit to the Fed. ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 1, 2018, 9:05am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/783 "2018-01-01T09:05:30Z")
you’re better off treating it like any equity and paying tax on realized gains. i havent read the US policy since it doesnt apply to me but if they are intending on taxing unrealized gains i cannot see that lasting indefinitely. ---
**Author:** ![nermoria](https://avatars.discourse-cdn.com/v4/letter/n/b9e5f3/32.png) [@nermoria](https://forums.speedlife.net/u/nermoria)\ **Post date:** [January 1, 2018, 10:32am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/784 "2018-01-01T10:32:44Z")
With the amount of crypto out there, when you send BTC from GDAx and half a year later you send 500x more BTC back to cash out…how is anybody supposed to know whether you traded your way to that point or put it into something like ripple and held? On the other hand how can you prove any of this? It’s not like these exchanges are setup to track all of this beyond the trade history. Do you write it down with every transaction? In that case, who’s to say you aren’t just making things up? I still stay with the idea that they made compliance so ridiculous that mist people wont want to trade, and others just scare away from crypto. I am not advocating tax evasion, I am for paying on realized gains but not this ridiculous nonsense. I will just ride this out, I’m not planning on withdrawing and if I had massive gains I wouldn’t need to take out more than 10k anyway. Right now is the time to sow them fields not harvest ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [January 1, 2018, 7:01pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/785 "2018-01-01T19:01:11Z")
Damn all these computers to hell! I wanna go back to the days of lead paint and smacking your secretary on the ass to let her know she’s doing a dandy job. @**[nermoria](http://www.nyspeed.com/member.php?u=32279)** it’s not harvesting, some cryptos you cannot avoid. If you start at coinbase and end at binance or bittrex, you’re gonna exchange coins causing a taxable event. Even if you don’t report this, when you do harvest, you gotta have some story how all this shit happened. If i can make 6 figs starting with 4 I’ll gladly pay the tax man. ---
**Author:** ![nermoria](https://avatars.discourse-cdn.com/v4/letter/n/b9e5f3/32.png) [@nermoria](https://forums.speedlife.net/u/nermoria)\ **Post date:** [January 1, 2018, 7:07pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/786 "2018-01-01T19:07:27Z")
By the time I am ready to harvest, I am hoping this stuff goes away. If not,go to Russia, exchange in Russia, come back from Russia with trunks of cash 😃 I can always print out thousands of pages of Binance trade history as well. ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [January 1, 2018, 8:03pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/787 "2018-01-01T20:03:58Z")
Oh god can you imagine going through all those pages? Or paying someone to? LOL I made a spreadsheet over xmas break that details all transactions simply for tax purposes. I suggest anyone else to do the same. I had only been trading relatively heavily for 2 months, active for 6, and it took about 5 hours to get down. They have calculators and apps but I entered CSV spreadsheets into each one and got different responses, then I made my own. ---
**Author:** ![Motocrossx23](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/motocrossx23/32/5120_2.png) [@Motocrossx23](https://forums.speedlife.net/u/Motocrossx23)\ **Post date:** [January 1, 2018, 9:03pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/788 "2018-01-01T21:03:57Z")
So should I report my $50 I made? I’d hate to piss off the government. ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [January 1, 2018, 11:02pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/789 "2018-01-01T23:02:12Z")
LoL idk ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [January 2, 2018, 4:57am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/790 "2018-01-02T04:57:41Z")
OK so I spent some time with THIS AWESOME program [https://bitcoin.tax/](https://bitcoin.tax/) it’s free, highly used, and if you go above 100 trades it’s only 20$ for the year. Anyways between me doing it by hand and their calculator it came within a 1% margin of error for the tax that I owe. I feel great and totally confident and will be adding each trade from now on. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 2, 2018, 8:25am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/791 "2018-01-02T08:25:05Z")
Taking a long shot on TRX is looking great right now. ---
**Author:** ![Wahoo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/wahoo/32/8265_2.png) [@Wahoo](https://forums.speedlife.net/u/Wahoo)\ **Post date:** [January 2, 2018, 8:49am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/792 "2018-01-02T08:49:45Z")
Everything seems stagnant lately on gdax lol ---
**Author:** ![nermoria](https://avatars.discourse-cdn.com/v4/letter/n/b9e5f3/32.png) [@nermoria](https://forums.speedlife.net/u/nermoria)\ **Post date:** [January 2, 2018, 9:46am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/793 "2018-01-02T09:46:35Z")
> [@JayS](#): > > Taking a long shot on TRX is looking great right now. 😃 It probably also makes sense to pick up a few trx dogs when they come out. If its even similar to cryptocats… Those went for 100k at times. Justin sun is quite a genius, its the year of the dog in China lol Word of advice for new day traders like me. Be emotionless and dont get greedy. Made a great score? Stop for the day. Overconfidence will make you make moves that are dumb. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 2, 2018, 10:27am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/794 "2018-01-02T10:27:08Z")
Ugh, I accidently sent $300 worth of bff to a trx wallet. I didn’t release it would even allow you to send it to the wrong wallet. Anyone know if you can recover something like this? ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 2, 2018, 11:18am UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/795 "2018-01-02T11:18:59Z")
Bitcoin going to crush the alts again? ---
**Author:** ![nermoria](https://avatars.discourse-cdn.com/v4/letter/n/b9e5f3/32.png) [@nermoria](https://forums.speedlife.net/u/nermoria)\ **Post date:** [January 2, 2018, 12:38pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/796 "2018-01-02T12:38:53Z")
It would be awesome! Sales are nice ! Impossible to predict though because usually altcoins go down when BTC goes up AND total market cap is same or going down. Right now total market going up big = new money and BTC is not going up at the pace this new money is coming so if the ratio stays the same , everything goes up. ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [January 2, 2018, 2:07pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/797 "2018-01-02T14:07:31Z")
> [@ultradriver10000](#): > > Ugh, I accidently sent $300 worth of bff to a trx wallet. I didn’t release it would even allow you to send it to the wrong wallet. Anyone know if you can recover something like this? @LZ1 would have a better response but I’m pretty sure it’s no ☹ ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [January 2, 2018, 2:12pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/798 "2018-01-02T14:12:40Z")
Isn’t that kinda the idea behind crypto? ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 2, 2018, 2:45pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/799 "2018-01-02T14:45:50Z")
If you send some shit to the wrong address its gone… ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 2, 2018, 6:01pm UTC](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431/800 "2018-01-02T18:01:53Z")
I was afraid of that based on the all caps warning I noticed when I did my first transfer from Coinbase to Binance. Made sure to triple check before I hit send. [Previous page](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431.md?page=39) [Next page](https://forums.speedlife.net/t/anyone-end-up-investing-in-bitcoins/233431.md?page=41)