$400,000 IN CRYPTOCURRENCY TAXES? TWITCH ADOPTION! RIPPLE XRP, DASH, BITCOIN BTC PRICE + NEWS 2018


what’s goin on guys Patrick here
bringing you a brand new video today we got another killer video for you guys
full of information today where are we talking about crypto currency taxes and
what to watch out for brawls can be looking at ripple – and tons of other
news that went on in the cryptocurrency space but guys before we start with that
if you want to enter a chance to win some free Bitcoin all you guys have to
do is number one be subscribed to chan and have you notifications turn on
number two give this video thumbs up and number three leave a comment down below
saying something related to the video also if you guys are interested in
making money trading cryptocurrencies even while the market is down make sure
you check out the first link in the description or the first link in the
comments for the cryptocurrency trade alert group I post every single one of
my trades that brought me to a six-figure portfolio in there so if you
don’t have the time to do technical analysis and you don’t have the
knowledge to do technical analysis you don’t know how this works
you can copy every single trade that I am entering in we’ve had over 90 percent
success rate and countless people make an extra 100 500 and 1000 dollars in one
day so if that sounds interesting to you guys and you’re interested in making
more money trading cryptocurrencies again with a sideways market or when the
market is down make sure you do check out that first link in the description
now let’s get started with some news some bullish news first at least some
good adoption news first off is a Bitcoin ETM has been installed in
Germany and in probably the best place for an ATM to be put in it was in a
casino in Munich so in Munich Germany obviously so it was in a casino they
have put the first one in the country apparently this was and uh if this was a
and this was n ATM imported from Australia there we go difficult say
speaking don’t it’s the beginning of the day guys bear with me but it was
imported from Austria there we go so the first cryptocurrency ATM in Germany
allegedly and overall I think that is a fantastic news again getting more of
these out there slowly growing this isn’t anything huge this isn’t something
that’s gonna alter the price of anything specifically today but in the long run
and in everything growing and adopting in the long run I think this is
something we’re gonna see more and more of and I think it’s some very good news
next up for all of you guys who watch twitch streamers so I
how many of you guys do but let me know in the comments if you watch any twitch
streamers i know most twists reamers are gamers so i don’t know how many of you
guys are interested in watching that but let me know because i would love to know
how many of you guys are interested in watching that type of stuff let me know
in the comments if you do watch twitch or and also what streamers you watch but
apparently twitch streamers can now receive blockchain items as tips and no
this is not just accepting cryptocurrencies because we’ve covered
that months before where people could start at that twitch streamers could
accept certain cryptocurrencies and we’ve seen huge and if not the biggest
streamers like and ninja like other fortnight streamers accepting nano I
think was one of the biggest one and they could also accept Bitcoin and a few
other ones out there through a third party basically through a third party
they could connect it and they could accept donations and it would show up
and I think that gain of the decent amount of exposure obviously it was the
peak of everything happening again a lot of people watching this hundreds of
thousands of people watching them and you know the cryptocurrencies popping up
eventually excitement for it it you know I think it’s something that we’re gonna
see more of again but now this is not referring to crypto currencies which
like I said already exist they can now receive blockchain items and this is
through wax express trade so new twitch streamers can now receive items from
their viewers via wax express trade with just four easy steps you can start
receiving gifts as donations then sell them on Opie skins tag a streamer who
who you would donate items to in the comments so again another opportunity
for blockchain to get integrated into the whole gaming atmosphere and again
twitch isn’t only gamers but a majority of it as of right now is being used for
gamers I think it’s gonna continue to grow it’s a very new platform as well
again it’s huge but it’s very very new I think it’s gonna continue to grow into
more than just gaming but for now that’s what is mainly used for it’s gonna be
interesting to see how many of these streamers do adopt it like I said a lot
of the big ones adopted cryptic the cryptocurrency donations very fast and
showed some decent interest in it now when it comes to cryptocurrency taxes
this story I felt really really bad for this student first of all it was a
student and second no one should have to go through this
this is very unfortunate but this does raise already it does raise something I
wanted to talk about and that is for you guys to be careful I know a lot of
people in the cryptocurrency space are not really thinking about the tax side
of it and if you agree or disagree with how it’s being handled it’s still
something you have to keep in mind and again not a lot of financial advice not
a lot of accountants can actually they know how to work cryptocurrency taxes
because that is still a little bit of a gray area in terms of what’s going on
but this student is facing $400,000 in crypto tax liability on holdings that
are currently worth $125,000 and this race is just a huge issue with how
things are being calculated right now and honestly again just the scam that
goes on that people have to deal with day to day that they don’t realize
because this to me makes absolutely no sense of how this
can actually go through so a college student first of all trading
cryptocurrencies turn 5000 dollars into eight hundred and eighty thousand
dollars this guy was balling in a period of time right there right that’s a huge
huge return and for any college student to have eight hundred eighty thousand
dollars is you know he’s in the top two point zero zero one percent of college
students but what happened next is his portfolio obviously a few bad I cos he
fell for the ICO trap and some some shit coins to say the least if this is
according to him right his portfolio is now valued of obviously you and the bear
market that came with that huh didn’t help his portfolio is now valued at 125
K so he went from five thousand dollars its $880,000 to then one hundred twenty
five thousand dollars now the main issue here is that the taxes are being
calculated for 2017 his four hundred thousand dollars in taxes is for 2017
and obviously he did not separate those at the end of 2017 he kept it all in his
holding so what happened next was that well 2018 hit 2018 was where the bad
icos happened was when the bad all coin investments happen and when the bear
market happened next thing you know his portfolio is valued at
$125,000 and basically he made a post on Reddit saying did I ruin my life by
trading crypto because he owes a lot more than he actually has to give so
very sad story too here right here break get something to raise awareness to as
one big problem is going on because I don’t know how this plays out I don’t
know how you can be expected to pay more then your current holdings are worth
baffles me but also for you guys to be careful with what’s going on make sure
you make sure you have the information necessary make sure you know what you’re
doing make sure you get you know another opinion if you possibly don’t know
because I don’t want to see any of you guys have to go through something like
this now this is also a little bit on a little bit of a brighter note I wanted
to ask you guys cuz I remember doing this when I first started with
cryptocurrency when I got started and I had to send anything anywhere I would
always send a very small amount first make sure it went through that I didn’t
mess up the wallet address or anything and then I would send the bigger amount
because apparently a whale went out and sent one etherium before he sent the
other 230,000 a theory of value a little bit over 48 million dollars he had to
send in the 1/2 theorem first make sure that he was doing it correctly make sure
he knew what was going on once that worked out he went on and sent the other
bit so I wanted to ask you guys be honest because I’ve done this as well
when it comes to when when I first started with cryptocurrency be honest
with me have you ever done this I want to see in
the comments I want to see if I’m the only one or me and this whale apparently
are the only ones who are this cautious when it comes to doing something this
paranoid or if you guys were doing that too so let me know that in the comments
down below also let me know if any of you guys have used augur if you guys are
invested in augur because I saw this here nearly a million dollars betting on
augur with Democrats then that Democrats will take the house and I don’t really
care about the political side that’s not what this channel is about shell it’s
about crypto currencies but I thought that 1 million dollars betting on augur
is insane and could definitely be something that
you know might be fun to integrate into the channel so I want to ask you guys if
any of you guys are invested in augur if you guys are any or using the augur
platform you guys know how that works cuz I personally have not
looked much into it and I would love to get your guy’s opinion if you are
invested so again really quick just let me know in the comments if that is
something you are invested in now the crypto market stays green with big gains
all over the top 10 this article was a little humorous because bitcoin was up
1.1 2% and then if you look at the rest of the market the top 10 right here you
know we see a 3% we see a 6% from XRP solid stuff we see a theory of up 4% um
but I don’t know if I would consider that big gains right with you know big
gains all over the top 10 not definitely not big gains that we’ve been used to
encrypt Oakridge that we’ve seen happen before to me honestly still looks more
of like a little bit of a Green Day overall you know we’re seeing a little
bit of a Green Day was stopped a little bit from the sideways action seeing a
little bit of green but I guess given the volatility or the lack of volatility
that we’ve had recently this really is one of the biggest moves we’ve had in
the last like month right so sad to say but it is true I thought I thought the
article heading was a little bit misleading though because like I said to
be fair big gains I mean yeah I don’t really know when 1% gain is considered
baked for for Bitcoin anyways guys looking at the market 212 almost two
hundred thirteen billion dollars in market cap with a fifty two point five
percent Bitcoin dominance if we look at the biggest winners of the day we have
whacks up 8.5% followed by chapel up seven point seven percent makers up XRP
is up next those up basic attentions okay all of these have had news come out
we’re gonna be talking about a few of them gonna be talking about – and XRP in
just a moment if we look if we scroll down and we see what the biggest losers
are roughly 50/50 split I believe in terms of red and green but apparently
the green are outweighing the red eternal tokens the only one down a lot
down 17% also Raven coin which has seen some huge gains previously is down 8%
pudding DX is down 5.2 as well our kwon chained few crypto currencies down as
well but overall I think maybe a few in the green but we did bring the market
cap up to almost two hundred thirteen billion dollars so good thing to see
right there again more volatility than I think we’ve seen recently more of a move
that we’ve seen recently so nothing to complain about overall happy to see this
happened hopefully this does continue and allow for a little bit more
excitement in the market now XRP is up 6.3% might be wondering why well a good
reason for it XRP it just went live as the base
currency on coin filled exchange 61 countries are already in the mix so a
lot of people were actually discussing that XRP or at least this is this is a
discussion that’s been going on for some time now discussion that XRP should be
used as the base currency on several exchanges because it is cheaper and more
efficient that was the argument that was being made before obviously for the most
part that has not happened except right now coin field 61 countries already
involved it they have XRP as the base currency in as you guys saw it is
causing a little bit of a price increase for XRP so good news for XRP holds up 6%
one of the biggest gainers in the day actually again if you are in it for the
long run doesn’t matter too much obviously the
adoption news is what’s most important the 6% increase i don’t think most
people are gonna be selling given if you are invest in the long run you’re
probably expecting a little more than just a 6% increase so the price increase
is nice but i think the most important part in the part of getting most people
excited is just the news and the adoption that’s going on and again this
opens the possibility of if it works out well and if it works better than it then
the other base currencies have on other exchanges maybe it’s gonna open some
other exchanges eyes and be like oh wait hold on if this makes more sense maybe
this is what we should be adopting so definitely gonna wait and see how this
plays out if it does work out well for them what the exact numbers are if they
do give them out if they do show okay it’d be interesting to see how much this
helps them compared to other exchanges that are using other base currencies
seeing the difference in the numbers the fees and all that and seeing which one
makes more sense be interesting to see if that number does come out also – is a
little bit under two percent it was a more previously I
believe it got to Ohio almost 12 percent as you guys can see
– surges 12 percent amid service rollouts in Latin America now this is
again doesn’t matter too much the 12 percent if you’re invested in – now it’s
a little bit better than the 6 percent it’s it’s double of the 6 percent we saw
for XRP but again if you’re holding this for the long run in the period in the
bear market we are right now might not be the time unless your short term
training it this might not be the time for you to cash out yet again I’m not a
financial advisor this is not financial advice I’m just saying what I would do
personally I don’t own that much – so the 12% doesn’t mean anything to me but
if you are if you are holding it for the long run I don’t see why this would be
your size unless you’re looking to buy back lower but again that’s more of a
trading thing than a long-term holding thing either way the new service they
launched was an SMS based crypto transaction so good news again more
development going on good to see other crypto currencies so a – box a –
spokesperson said it’s important to help people in emerging markets use crypto
s– as part of their daily routines again something we’ve seen by Nance
recently do launching finance you again right bringing it to the whole world
trying to bring it to emerging markets trying to bring it to third world
countries just trying to spread it as a worldwide thing more than just the top
countries things obviously we have you know the top US exchanges for example we
know that we get surveys and stuff from the US from certain countries in Europe
and so on but we haven’t really seen the adoption happen where it could benefit
people the most and that is in third broad kind so it’s important they’re
taking this they’re taking action in this – have been taking action this
again financed a front-runner in it and again this is just good news in my
opinion to see more adoption overall so they said only 40 percent of the
population in Venezuela has access to a smartphone and people have experienced
electrical and internal and internet outages due to the ongoing economic
crisis that is what they said but again they rolled out the SMS based crypto
transactions good news positive news for – guys that’s gonna be it for this video
hopefully you guys did enjoy if you did don’t forget to leave a thumbs up and
leave a comment down below in order to enter a chance to win some free Bitcoin
and of course be subscribed and have your notifications turned on so you can
check back in to see if you did win so you can go ahead and claim it guys thank
you so much for watching I’ll see you guys tomorrow for another video

55 thoughts on “$400,000 IN CRYPTOCURRENCY TAXES? TWITCH ADOPTION! RIPPLE XRP, DASH, BITCOIN BTC PRICE + NEWS 2018”

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  2. Bitcoincash is not bitcoin want quick money bitcoincash is forking november 15 thats 10 days from now you get extra alt coins

  3. 400k in taxes… come on man. This scam is ridiculous, Why are more people not outraged about this? I'm all for paying taxes IF they are going to support our country and it's infrastructure, not the military industrial complex, but we are getting bent over and raped.

  4. Definitely did the same when I started investing crypto and sent a small amount to make sure before sending the bigger amount.

  5. Seems like much more bullish sentiment than we've had for a while, happy to see green across the top 10, other should well follow suit soon, fingers crossed!

  6. file the taxes for 2018 asap and offset the gains with this years loses – I am pretty sure there are carryback elections in us tax. He will have to pay penalties and interest on the 800k in back taxes in 2018 – about 40k or so, but that's a small price to pay for all his gains. I lost everything in 2017 and 2018 in crypto and am now homeless, this sack of crap deserves no sympathy, people like me do. It is silly how the community gravitates towards these stories instead of all the lives crypto has ruined. I lost 10 years of savings in BCCX, I never invested in BCC, but saw the need for exchanges. But they just took my money and ran.

    You want to support someone who needs it

    14sAC7jVZm7xpaw2Wk7PzsArZvFHP5Kq6B

  7. those "earnings' weren't realized., how could the IRS tax him on any gains he didnt take? somethings fishy with this story. they need to come out with CLEAR tax regs on crypto. I know US Congress has been hitting up the IRS for clarification. Should have had word by Oct 17th, havent seen anything yet.

  8. Yes, when sending large amounts, I always send a test amount first and always visually check each character of the address before sending.

  9. awesome news pat.. yes i do send a small amount first, but now am pretty confident to send. bummer about that tax situation

  10. I sent a small amount of crypto to make sure it’s going to the right address. However, complacency will get you every time, especially when using multiple address multiple times a day/week 😭😓

  11. Same thing happened to my buddy in the stock market. He made a fortune on stock options, then re-invested the money without pulling taxes out, then the market crashed and he was left with no money and big tax bills and threat of jail. Had to sell his house to pay the taxes.

  12. I mean watch you every day I like you to update video on MetaMorph coin and give me a price prediction for six months and one year I’m looking to invest a lot of money

  13. I think there is something missing from this story of the college student owing so much money on taxes. It just does not add up. People need to understand that anytime you sell your crypto into BTC, ETH etc then buy another crypto with that same crypto you received it constitutes a tax on any gains you made on this transaction even if you didn't receive Fiat.

  14. I have money(7219$) for one of the crypto exchange
    But since I'm from China, I was blocked at all crypto exchanges,
    we have this strictly and now my money is stuck and I can not withdraw them.If i send all the money to you,can you withdraw them from the web to your btc wallet?And after that send it to me?for help you can take 12%
    Who can help me withdraw write me to telegram : @dokkerbtc

  15. I have money(7219$) for one of the crypto exchange
    But since I'm from China, I was blocked at all crypto exchanges,
    we have this strictly and now my money is stuck and I can not withdraw them.If i send all the money to you,can you withdraw them from the web to your btc wallet?And after that send it to me?for help you can take 12%
    Who can help me withdraw write me to telegram : @dokkerbtc

  16. Lol back when BTC was $300, I sent $100 of BTC to the wrong address -.- so now I am sending a small amount….. imagine if I kept that xD

  17. I thought you didn't have to pay taxes until you actually sold for profit. It was my understanding that you weren't taxed on your holdings.

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