US Lawmakers asks IRS to FIX Bitcoin and Crypto Tax Code – Daily Bitcoin and Cryptocurrency News



good morning everyone good morning and is 10:30 I'm September 20th that time again for a daily big point of cryptocurrency news as always smash up the likes got a lot of haters or maybe IRS lovers today smashed up the like subscribe to channel if you're new we're gonna be a few minutes for people to tune in and today we have we have Weber coin being number one so congrats so whoever you get to ask a question for everyone else got it we got a good good show obviously the crypto market is going up today so that is always good puts people in a good mood and butter things are coming right butter things are coming we're all waiting for it I know it's gonna happen and you guys do too so that's why we're in this game so as always thanks for tuning in guys you know just to uh yeah tilray stock I read about that yesterday it's it's a pot stock back on up like 2,000 percent or something and it's crazy except that that's in the stock world it's not translating into crypto world which doesn't make much sense you know there's so many Kryptos that's within the industry but you know they're not there in fact is not carrying over so that's kind of interesting that's kind of interesting all right I'm always in good mood regardless if it's a bad mark yoga market I'm always in a good mood and that bothers some people for whatever reason people actually told like me being bullish in the bear market it's like okay then don't watch me or why if you're so bearish why are you in the game right so I don't know why that bothers people alright so thanks for thanks for tuning guys alright let's get started what's going on you know everyone everyone is concentrating on this hack okay obviously the market is shrugging it off that is not what I think is the most important thing the biggest story has to be this US lawmakers strongly urge IRS to update crypto tax guidance and I thought about it this morning and I think this is huge and this actually probably prevents a lot of people and companies from getting into Kryptos and crypto training those of you guys that are living in the u.s. now this might be different in other countries right now those of you guys in the u.s. we don't a lot of you guys will have to worry about taxes next year right for good or for bad and right now the tax code is just archaic it doesn't make any sense for kryptos okay every single transaction that you make is a taxable event every single one so what does that mean if you have Bitcoin okay and you trade up for ether m that's a tax event you have youth areum you buy a ICO token okay that's a taxable event you use Bitcoin to buy a cup of coffee that is a taxable event every single transaction that you make right now according to the IRS is a taxable event unless you buy and you just hold that's it so this doesn't make much sense at all okay and I'm glad to hear that five US lawmakers and there's probably gonna be more but you know these five are probably bag holders right it's but you got five US lawmakers that sent an open letter to IRS saying that you know what they strong IRS to issue to update guidance providing additional clarity for taxpayers seeking to better understand comply with their tax obligations using virtual currencies so basically they want to iron us to change the law because it really makes no sense right now right and and you know I was thinking about it a lot of people in kryptos don't really want to pay taxes they want to ignore it they want to wait last second however this might be a big thing because a lot of people that are not involved and they want to get involved you know one of the first things they think about what money is taxes right and if they find out oh you got to pay taxes on all those transactions and stuff I got maybe they don't want to get in and this could be the same thing with institutional investors right if they want to start trading cryptos maybe they think this is a hindrance to right and it just doesn't make much sense so i think this is a big thing and of course of US lawmakers are submitting this to IRS you know that the Congress the rest of them are taking this seriously and we got some power players behind the scenes that is fighting for Kryptos and Bitcoin in general right so this I think is a very very very positive I don't think anyone else is really going to talk about this story today everyone else is gonna talk about the ZAF hack which is not really relevant this is what's really relevant when we're looking for you know we're really looking for that influx of new money coming into the market okay and this kind of eliminates a bottleneck if the IRS can fix this tax code and make it more friendly for people that want to buy and trade and even use cryptos this is one of the things we need to get rid of we need to update the tax code and make him more friendly so I think this is huge this is really really huge and positive all right so moving on to the other pieces of news yes there this happened again another Japanese exchange got hacked for 60 million basically 6,000 bitcoins okay I don't know what's going on with these exchanges they make so much money from their transactions we're talking about hundreds of Millions I don't know why they can't spend like even 5% of that okay towards security I just don't get it you know this kind of security could be beefed up this could be prevented or better procedures let's say I don't know I don't know I don't know what to say about it it just sucks obviously it sucks but these exchanges you know they just got to up their game they're handling so much crypto money and yet it seems like they don't know how to handle security so oh well alright so another exchange cracking I actually didn't know Kraken was based in the US but he's trying a new regulator so basically you know New York regulators put out this letter saying that they sent out this questionnaire to all the exchanges in the US and other exchanges not in the US and asked them questions they wanted them to answer in regards to insider trading manipulating all that stuff Kraken was one of the ones that didn't comply okay so New York's the New York regulators didn't like that and Kraken throws it back at them and say hey before we answer any any questions about insider trading or manipulation behind the scene what about you guys you know what about the fact that you guys put this out a day before Bitcoin futures expiration are you contributing to that – so crack is funny enough is throwing it back at them and saying you prove to us that you're not manipulating the market and then we'll comply with your demands so we'll see we'll see we'll see how this plays out they are in the u.s. so they do have to be a bit more careful of your overseas I think it's a you know whether you comply or not is more of an option maybe you get maybe you get you know banned in certain states or something like that but when you're in the US you got to be careful because there there's a lot of agencies that's looking at stuff like this so so yeah so I just want to talk about that bit Maine is gonna have more competition but fury reveals new generation of basic Bitcoin ASIC chips you know I haven't heard about the main reason what their their their IPO you know so far and look really shaky I'm shaking grounds because of how much money they lost him with Bitcoin cash and you're hearing about a whole slew of competition coming out that is also going to release a sick miner so I don't know I don't know how how well that's going but I want to do some more research on that all right so what else is there now charted Lee I was surprised he he tweeted out like 11 things that talks about all the fog that's been happening with litecoin and he's like oh there's been efforts to suppress like when prices and this and that well that's that's that's just because no there's no group that's suppressing like when prices because the whole market kind of sucks right now and also because there's no real real real use case for like coin well Charlie decided that he's gonna answer all the questions right and and you know there's gold clear waves right except the most important question the most important one he couldn't answer so then fun like coin has loss aside you can't differentiate itself from hundreds of other all points which means okay so what can like one do that others can't right what can I do and then he's like truth light coin has one of the most secure networks of all all points like one has over a hundred fifty million of asic harbor protecting it like one dominates the script mining by far how does that answer anything so that doesn't answer how like what differentiates itself from all points and most importantly Bitcoin alright he's saying that it's the most secure because there's a ton of miners out there I guess right and maybe that is more secure than all coins but what about use case how is it better than Bitcoin with lightning net worth implemented how is it better than Nano for day-to-day transactions this is the question that he can't answer and this is why I don't like light coin because there is no use case for it in the future there are better things Bitcoin is better store value okay like home will never become the store value pick one will be like one will also never be able to handle transactions like nano because fundamentally it just it's archaic technology compared to something like nano ok so what else is there what can I do right so unfortunately charlie answered spent a lot of time on this and most of it is good most of it does answer some of this fun according to him and these questions however he can't answer why like coin could or how likely to differentiate itself from others that's the main thing and unfortunately I don't think there's anything they could do to fix that I think that's it oh and lasting so China they have this blotching technology assessment index which ranks basic every crypto point out there in terms of what they consider basic tech applicability and creativity and then they rank them and there's a total index Nielsen is number one the tharam is number two and one of our favorites you know nulls deep nulls is actually rated number 20 which is not bad all things considered at 20 compared to 2000 it's not been and they recently got added on there and nulls is actually above things like nano iota – z cash T Zoe's litecoin Bitcoin cash in them so China actually thinks very highly of nulls and all some of these others and some of these are actually surprises so they have bitshares at number three and no one really talks about bitshares you got GX chain Komodo Ark you know Stratos verge waves e 13 classics so some of those I don't know I don't know I don't know if I agree that they're up there but nevertheless they are alright so moving to Bitcoin and crypto in general ok Bitcoin obviously since yesterday we saw a little bit of a bump but to all coins are going on much more today so in terms of Bitcoin not much point to 6% right so it's not going up much at all but we are seeing this slow incline and what we're waiting for is it to hit up here and RSI is right in the middle so that's not showing much so what we're waiting for is Bitcoin to break through this wedge and then and then we're going like like this okay hopefully we see something slow something slow like this okay up and down not something like this because then it'll be unhealthy and I'll be very much like last November though although it could happen we're all waiting for a Bitcoin ETF approval that is coming in ten days now and if that gets approved which I think it has a really good shot because it hasn't been denied yet and it's because CBOE is part of it and backing it if that gets approved we're go we're gonna go up in the stratosphere okay we are its goal it's gonna be tremendous if it gets approved although there are still very much other things that we're waiting for right back they're still coming and then yesterday I talked about fidelity getting involved and they said products by the end of the year and there's all these other things that are pending basically okay so a lot a lot of good stuff happening now in terms of going over CMC everyone is still focused on ripple and I cover Ripple a couple days ago because that's when I started pumping what really started driving it up was actually last week there was news reports about their new products X rapid let's go come okay an X rapid does involve X RP and their go try to push basing all their clients on to X rapid but outside of that it when they first release that it didn't really happen nothing there's no effect but what really kind of drove it up was the fact that the largest Saudi Bank in the world that controls over a hundred and twenty billion asset they are joining ripple net and because of that and I'm sure because they were to buy a lot of XRP XRP start pumping out like crazy and nanda took a breather then we heard PNC Bank the eighth largest bank in the world also joining ripple net so ripple has so many of these large institutions in the ripple net Network now everyone will always say well that doesn't mean anything they're not using XRP all right so why does it matter I mean come on just just put one on one together okay they're part of ripple net Network they're working with Ripple already ripple comes out the new product don't you think that they'll consider this new product and don't you think ripple will try to push this new product to them and that's what exactly what's gonna happen and ripple even said it when they announced the PNC partnership they said that you know one sex rapid comes out we're gonna try to push it to them right so once you get your foot in the door it's gonna be much easier to push these new products and that's what's happening with ripple and people are obviously seeing the price increase and now they're starting to FOMO in and look at the difference there's only a seven billion gap between tharam and ripple now if ripple continues down this path and we have seen it it was about 50 cents it was out above $1 a point it was above 350 at one point if this continues higher and the market starts going up and everything starts pumping up man we can see that flipping happening between ether and the ripple once again and now be amazing they'll be amazing because that is something that I didn't think I would see for a while all right now moving on you know I'm part of this this secret telegram group okay not really secret but there's a group of guys that invited basic every single crypto influence on earth on this telegram chat and I don't spend a much time on it but this morning someone's like okay hey guys you know why are the the top ship projects out there outside of ripple and be cash well first of all the ripple comment was just stupid because ripple is not a coin I just find it funny that people just like to associate things with coin even though ripple is worth almost fifteen billion dollars it's three project it has over a hundred banks in ripple net yet a crypto influencer on YouTube can call it a coin and somehow somehow they think they're right and the next one they said oh yeah someone else said eels is also a coin and another failed danly or mere project tell me how its failed when it has close to 5 billion market cap they have probably three to four billion in the bank okay and his last two projects bitshares and steam are two hundred three hundred million in market cap even though he left those companies they're still operating and they're still within the top 100 and Dan Lear Amir himself is a billionaire so again how can you call yield sevillio how can you call Dan Lehrer mera failure it actually really agitated me and irritated me to see that and this is what I don't get this is what I don't get when people build successful things other people like to on it and they have no clue what they're talking about but I just want to bring out to you guys and I'm definitely a big fan of Yoast of course there's gonna be problems when you have something new come out keep in mind ye else's main net came out what two three months ago and you expect it to be perfect his windows ever perfect is OSX ever perfect is Android or iOS ever perfect note it takes time except somehow in the crypto world people think oh it has to be done by next week or it has to be by done by next month or it's a project and that's not how it works in the real world so I just want to get my frustration out on that under that conversation that just happened and I think it's just utterly stupid alright looking at the rest of the coins there is a lot a lot of good ones right now besides all that let me just start from the top right idle I don't do this often but those are you guys tuning in early you get it I mean between for a first time you'll get my thought on what's what I like Bitcoin obviously okay I've always said 50/25/25 rule everyone should strive to at least have 50% in Bitcoin and that's for stability okay then you got good ones like ether them right now I would say no because I think it's weak so I would not buy into the thumb if you do have me to him it's okay to hold its go come up but in terms of buying I'm rather buy Bitcoin above you throw him at this point ripple is definitely a good hold Yost really good hold stellar I really like stellar I think Stellar's going places they have a huge partnership with IBM that is goal carry them forward you guys just heard me time I like wine and that's so so not a fan card ah no I think has potential but we're not gonna see any results in 2019 Manero is looking really good I think this helps it the most only 16 million is circulation – actually has less only 8 million in circulation although I don't hear much about – I honestly I don't hear much about Manero or – it seems like they're just cranking away and people are using them but I don't hear much come out of them iota Tron neo these are all solid plays I do like Tron the most I do like I owed a lot too because of partnership Neil's kind of stalling neo ontology gasps I like ontology butter neo is kind of just stalling right now these there is a lot of competition there is t Zoe's not a fan of finance coin big fan of and it's really good stable point – it's it's pretty stable and you could use it the chain big fan of dogecoin dogecoin is just one of those lovable coins I'm not a fan of it however it has pumped up a lot recently it went from 200 millions up to almost 700 million and now it's hovering around there's a lot of a lot of people a lot a big fan base for dogecoin z cash homies go there good list I think it's good you know they have a ton people don't realize this they have over 100 million dollars in Bitcoin in the bank you know that's the list foundation so they will operate forever they're not will run out of money any time soon but they have been plagued with but delays and so forth but they finally got their main and release so we'll see what they're capable of you know nano I've talked about I like a lot ontology I like a lot 0x I like a lot a lot of your products being used by coinbase I think it can be added on coinbase as well silica I like their technology icon I did like them before I'm kind of neutral on them now what else is there a basic attention point big fan of I'm using the brave browser as you guys are watching how low looks interesting looks really interesting except you got to see some adoption so we'll see I just recently reviewed Stratus and insider I think they're actually a pretty good takeover target you know that they don't have the manpower nor the bank compared to something like someone like lists however because they're in the.net field they can't be a good takeover target for someone like Microsoft that's just just me thinking out loud doesn't mean it's gonna happen but I do think that that can be a possibility for them chain link I do like a lot because of their Oracle ties basically allows the blockchain companies to integrate API services from from non blockchain companies Walton chain is good status I'll be careful because that competes with the coin base now with their new coin base wallet so what else when Shane kou-kun shares both very good true USD is making a lot of headway for it being a stable point I I still don't like stable coins I much rather see people just change back to Fiat but you know I know that it's difficult however to Gemini coin which is starting to spread around I think that can be a good one because I do trust Gemini and do trust what they've gone through to get that going of course funfairs going up I'm not so much of a fan of fun fun fair I do like horizon which used to be Zen cash I like they called crypto now which is Monaco butter done 10x cyber miles is interesting because they have they also create this app in the u.s. called five miles that is the eBay competitor and they're gonna integrate cyber miles into it pretty soon so I think they're interesting dragon chain all of a sudden shot up this was this was in page two for a long time dragon China no theta I think it's it's a good hold power ledger definitely good hold the electron I'm shot up although I I don't like electro them at all I don't know why they pump 35% but I don't like them at all motor point is the Japanese equivalent of dogecoin so they're holding loop ring its competitor 0x I still like loop ring they have their hands within with neo so we'll see what comes out of that dies another stable coin you got your last those which is really really really good waiting for their main that to come out later this year you got gas Khyber loom Knowles these are all very very solid plays especially nas which is why I have balls deep shirt right yeah going on what else a lot of these people talking about dent you know I don't know why there's all these Russian spammers for Denton now and now used to be the case for a telegram ICO now they've switched over to dent so I don't know if they contracted them to do that if they did that's a big mistake so not a fan of that but interesting I mean it's interesting project but they're they're at the mercy of carriers storm I used to like them I still like them but their team their their time to release their products syndicator like all these AI products have basically fallen off the face of the earth because they simply don't work and that's why I said I don't trust AI products is too immature at this point all the all the universal wallets like Brad ethos I know they're kind of all hovering down there because the competition is fierce now there's so much Universal Wallace that's coming out so we'll have to see how they could differentiate themselves from each other I know I'm still giving hope because they're coming out with a lot of stuff so we'll see if they can make some traction gift Oh also very unique into virtual gifting engine coin also I heared some great Universal while I haven't tested it HPB I think HP B is coming out with their remain that soon I heard about that credits also did they used to be very high high highly hyped up coins that people stopped paying attention to because obviously the market we were waiting right in the market and didn't want to wait and now that they're out now we have to see adoption right toe coin I've given up on tell poin done cash I'm cash a lot of people are still fans of it they're kind of taking their time to expand in India unfortunately until I think they expand outside of India to Europe in North America they're probably not gonna be the visibility's probably not gonna be there readin Network this this would have been good if you know metallic embraces it which metallic does not want to kind of like Bitcoin embracing lightning Network and so forth rate and network exactly the same but metallic doesn't want to embrace something like Raiden alright and then poet is good blues owl is also very good so I like those projects yep all right so that's that's me reviewing the top 200 of course those of you guys tuning in late smash up the like subscribe to channel got a few more minutes for questions so what do you guys got for me yeah I've given up on telephone because their communication they have not updated their blog since January nor what's going on in the webpage so that's the reason why given up on tell point sky coin don't don't get me started about sky coin day they hired all these chillers to try to talk about sky coin organically on Quora that didn't happen I start calling them out – is doing big things in Venezuela that's good I know that you know Kevin David Hayes is in Venezuela he basic giving up his channel and he said he was gonna move to Venezuela which I think he did he's trying to help them I don't know if he's using – to help them I don't know so I don't know whatever coin did you ask the question who do I look up to in a cryptic community well I'd like to think I look up to – the main players like like Jimmy or or tone or Roger but unfortunately they all have very viewpoints that I don't I don't agree with anymore so I guess the the guy would be andreas andreas is I think a big big coin and crypto guy he sees the bigger picture he sees the blockchain where all these other guys they're kind of focused on one thing or another like taking down the government or only Bitcoin because it's completely decentralized or I mean so other guys have these weird viewpoints that I don't agree with I think Andre us is probably the one I agree with the most who said he was using digital John McAfee I don't look up to John McAfee I don't uh et a UTM team are working their asses off and you can't give them credit you clearly don't have much info on them all right so let's I'll show you why so you lucked Rotom a lot of people think this was a good play back in the day even when when I was getting hype 2 1 up to $2 I think at one point it was is kind of crazy here here's the thing I try to look at the overall picture all right electro Nam is about adoption and they want to get people to use as much use as much Kryptos as possible which I agree with however they're tackling it through this mobile mining which makes no sense alright people that want to get in people are not in a community and not aware right they they want if you want to attract them you want to attract them through some kind of something that they would like okay making a few pennies they'll be look trolling them or UTM tokens is not gonna make them like it so that that's the problem with it so this whole thing they used to have a mobile mining simulator where you're getting free tokens or whatever I don't know if they change that to real mining but however that's not going theis the mass public to get involved with Kryptos or ETM tokens okay that's where something like a bat maker some app maker that creates a really really useful app or really fun game and it goes viral that's how you get people to get involved with it so this whole thing on mobile mining I just don't see it I just don't see it working so if that's the reason why I don't like electro hopefully that explains it whether or not you you buy that or you believe in that but that's that's why quants tan is a good coin although there you don't hear much about them anymore they body did some some popular products in the past but now it seems like no one really uses them anymore so so unfortunately I think that's where they are Raven coin I just read something about Raven coin yesterday I don't know I'm not sold on Raven Point and that's all I know I'm Tyler Neal I would definitely go ontology at this point Pontiacs and 10x they're not even competitors or they'll pun DX is though competing is going to compete with square soon these one square implements crypto payments I think they're gonna be in a whole lot of hurt okay 10x competes with Monaco which is now called crypto calm and I like Monaco much better than 10x ago look at Monaco they're coming out a lot of stuff they're almost getting into this you know almost into what like what the universal wallets are trying to do trying to have their own exchange Universal wallet you're gonna have lending which I'm not a fan out but they're getting into it there's a whole bunch of stuff on Monaco's roadmap Greg you're gonna have to rewatch the video for that there's a lot there's a lot that I said at the beginning alright guys that's it I try to keep these sessions at 30 minutes obviously smash up the life subscribe to the channel the market is looking really good let me conclude the market is looking really good right now okay I know that I've supposedly jinxed it with my tweet but overall guys overall the market is itching itching to go up and I don't think the Bears can can hold us back much longer I do think we're gonna enter Bowl country pretty soon and once that train starts moving it's going to be hard to stop so we still have ten days ten days until the CBOE then I key TF decision and after that we got a whole bunch of other good news that's coming and the rest of this year is looking very very bright alright alright guys take care have a good rest of your day bye-bye

22 thoughts on “US Lawmakers asks IRS to FIX Bitcoin and Crypto Tax Code – Daily Bitcoin and Cryptocurrency News”

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  2. Telcoin actually has a very active community, the whole webpage thing is being addressed, but the team is very active on the official Telegram Chanel, the lead developer just did an AMA on Reddit and the CEO is doing a video answering the communities questions. The whole deal with not marketing yet is because they wanted a working product before they launched their marketing. Awesome project I believe.

  3. The current tax law is fraud, Bitcoin should have exactly the same set of laws the dollar has anything else is fraud. It is like there were a different set of laws for McDonald's and Burger king. The playing field needs to be fair.

  4. The problem with this is that Congress decides what is taxed and how. The IRS only enforces what Congress dictates. If these "legislators" were serious, they would work to publish their own orders and insist that the IRS follow them. Better yet, repeal the income tax altogether and send the IRS home for good.

  5. their right for blaming the right shitcoins. money aint everything. its influence u get that i see, but people arent equal, we all have a different agenda. invest in the future u want to live in. wake up.

  6. George. I think you need to look at what ETN is doing currently not just go off what happened back in the day.

  7. Purists are just mad that xrp and eos aren’t decentralized/decentralized enough. Investors that invest on emotion will always fail.

  8. Hey George, although you do not like LTC, can LTC still make us some cash because it is undervalued? I am invested in LTC and is it not the case that everything is valued in satoshis and if BTC which is destined to and will go up won't that make both ether and LTC explode?

  9. Why would the stock going up translate to crypto. Everyone knows what stocks are. Hardly anyone knows what cryptocurrency is. Just saying. I'm hoping that changes as are you. You have to admit this downtrend isn't helping matters. I invested all summer and watched everything go down. I know it won't last but I'm sure it makes people fearful. Bad news travels quicker because people are so negative these days. I'm sure there are people lining up to say I told you so in either scenario instead of helping others like your trying to do. Just my thoughts on it

  10. You need to be pressed on all this Litecoin FUD you're helping spread… your arguments are flawed. Litecoin was one of the early alt coins and it did differentiate itself when it was created and continues to do so by remaining POW with a small circulating supply while all these new coins are centralized with centralized node operators. Litecoin has a multibillion dollar marketcap in a bear market for a reason. The market has decided it has a use case and is not just a test net for Bitcoin. New coins come on the market that have no history, are not battle hardened, have centralized node operators who you must trust for network security and that they wont print more coins. Litecoin is better than that bullshit.

  11. Is it just me , or is he bullish on 90 percent of the Top 200 coins?.  Glad he finally said his opinion about Monacoin and Zcash. You think Ripple will drop or consolidate in the near term?

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