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easysunday

my 0.2 XRP why 1 XRP will be worth $100+ EOY. Your opinion?

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Hi there!

So first of all, english is not my mother language and secondly filling out tax forms or even thinking about taxes are 100% horror.

But, none the less I wanted to share my opinion and would love to hear yours.

So here is my statement: XRP will be worth $100 or even $589 by the end on the year because of the FACTA Tax regulations in the USA starting on January the 1st!!

https://medium.com/@chanfest22/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44 says:

"In 2014, the IRS released guidance on virtual currencies (i.e. cryptocurrencies). Some highlights include:

Cryptocurrencies are treated as personal property (not currency) and are therefore taxed as capital assets

Capital gains from selling cryptocurrency for fiat currency (e.g. USD) or using cryptocurrency to purchase goods or services are subject to capital gains tax

Cryptocurrencies that are obtained from mining are taxable as income at their fair market value at the time they are received"

 

that means: All US citizens and also those abroad will have to pay 30% tax on these capital gains!

 

BUT:

https://www.goldinglawyers.com/fbar-bitcoin-2017-2018-important-cryptocurrency-reporting-tips/ stated here: the reason for these capital gains taxes are that the cryptocurrencies are NOT finite as gold is.
So here come XRP in. Its an asset, its not mined, and its finite! So therefore it must be seen as gold!

 

There is already an open letter signed as IRS has to decide soon. To be more specific: 
"Finally, the lawmakers gave the IRS until October 17, 2018, to respond with an update on its effort to issue the comprehensive guideline and a timeline for its release."  

 

(https://smartereum.com/34163/us-lawmakers-call-for-clear-updated-cryptocurrency-tax-guidelines-writes-irs/)

Also interesting: https://moneymorning.com/2018/03/28/crypto-taxes-are-a-mess-heres-what-the-irs-needs-to-fix-before-2019/

 

So what happens it bitcoin gets dethroned and all starts to buy premined cryptos? What if premined will also be not excluded and only XRP as never mined will survive this tax issue?

Your opinions please :)

 

P.S. looking in my crystal ball again, I see Citygroup and Alipay merging Q1 2019 and using xrp to handle transactions

 

 

Edited by easysunday
stupidity

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33 minutes ago, easysunday said:

So here come XRP in. Its an asset, its not mined, and its infinite!

How is XRP infinite?  It started at 100B and gradually decreases over time as fees burn small amounts.  I think it will eventually be considered a currency, since that's what its use case is.  Right now we use it like gold or stocks as an investment, but its actual purpose is to help move currency around.  Once that becomes the dominant use, its tax situation should follow suit.

 

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53 minutes ago, easysunday said:

Hi there!

So first of all, english is not my mother language and secondly filling out tax forms or even thinking about taxes are 100% horror.

But, none the less I wanted to share my opinion and would love to hear yours.

So here is my statement: XRP will be worth $100 or even $589 by the end on the year because of the FACTA Tax regulations in the USA starting on January the 1st!!

https://medium.com/@chanfest22/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44 says:

"In 2014, the IRS released guidance on virtual currencies (i.e. cryptocurrencies). Some highlights include:

Cryptocurrencies are treated as personal property (not currency) and are therefore taxed as capital assets

Capital gains from selling cryptocurrency for fiat currency (e.g. USD) or using cryptocurrency to purchase goods or services are subject to capital gains tax

Cryptocurrencies that are obtained from mining are taxable as income at their fair market value at the time they are received"

 

that means: All US citizens and also those abroad will have to pay 30% tax on these capital gains!

 

BUT:

https://www.goldinglawyers.com/fbar-bitcoin-2017-2018-important-cryptocurrency-reporting-tips/ stated here: the reason for these capital gains taxes are that the cryptocurrencies are NOT infinite as gold is.
So here come XRP in. Its an asset, its not mined, and its infinite! So therefore it must be seen as gold!

 

There is already an open letter signed as IRS has to decide soon. To be more specific: 
"Finally, the lawmakers gave the IRS until October 17, 2018, to respond with an update on its effort to issue the comprehensive guideline and a timeline for its release."  

 

(https://smartereum.com/34163/us-lawmakers-call-for-clear-updated-cryptocurrency-tax-guidelines-writes-irs/)

Also interesting: https://moneymorning.com/2018/03/28/crypto-taxes-are-a-mess-heres-what-the-irs-needs-to-fix-before-2019/

 

So what happens it bitcoin gets dethroned and all starts to buy premined cryptos? What if premined will also be not excluded and only XRP as never mined will survive this tax issue?

Your opinions please :)

 

P.S. looking in my crystal ball again, I see Citygroup and Alipay merging Q1 2019 and using xrp to handle transactions

 

 

wait so how is XRP infinite?

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5 hours ago, easysunday said:

Hi there!

So first of all, english is not my mother language and secondly filling out tax forms or even thinking about taxes are 100% horror.

But, none the less I wanted to share my opinion and would love to hear yours.

So here is my statement: XRP will be worth $100 or even $589 by the end on the year because of the FACTA Tax regulations in the USA starting on January the 1st!!

https://medium.com/@chanfest22/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44 says:

"In 2014, the IRS released guidance on virtual currencies (i.e. cryptocurrencies). Some highlights include:

Cryptocurrencies are treated as personal property (not currency) and are therefore taxed as capital assets

Capital gains from selling cryptocurrency for fiat currency (e.g. USD) or using cryptocurrency to purchase goods or services are subject to capital gains tax

Cryptocurrencies that are obtained from mining are taxable as income at their fair market value at the time they are received"

 

that means: All US citizens and also those abroad will have to pay 30% tax on these capital gains!

 

BUT:

https://www.goldinglawyers.com/fbar-bitcoin-2017-2018-important-cryptocurrency-reporting-tips/ stated here: the reason for these capital gains taxes are that the cryptocurrencies are NOT finite as gold is.
So here come XRP in. Its an asset, its not mined, and its finite! So therefore it must be seen as gold!

 

There is already an open letter signed as IRS has to decide soon. To be more specific: 
"Finally, the lawmakers gave the IRS until October 17, 2018, to respond with an update on its effort to issue the comprehensive guideline and a timeline for its release."  

 

(https://smartereum.com/34163/us-lawmakers-call-for-clear-updated-cryptocurrency-tax-guidelines-writes-irs/)

Also interesting: https://moneymorning.com/2018/03/28/crypto-taxes-are-a-mess-heres-what-the-irs-needs-to-fix-before-2019/

 

So what happens it bitcoin gets dethroned and all starts to buy premined cryptos? What if premined will also be not excluded and only XRP as never mined will survive this tax issue?

Your opinions please :)

 

P.S. looking in my crystal ball again, I see Citygroup and Alipay merging Q1 2019 and using xrp to handle transactions

 

 

What about any of those links/information makes you think that XRP could be or should be $100+ by 2019?

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8 minutes ago, Eruption said:

Xrp wasnt created by a supervova from space like gold was so I highly doubt the IRS will treat it the same. Xrp was man made.

Carl Sagan called;  said:  "If it's all 'star-stuff' - not sure this guy's argument about 'man-made' holds up."

Then the line went dead.  (Probably using the same audio engineer that just got fired from Uphold, Inc.)

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19 minutes ago, NightJanitor said:

Carl Sagan called;  said:  "If it's all 'star-stuff' - not sure this guy's argument about 'man-made' holds up."

Then the line went dead.  (Probably using the same audio engineer that just got fired from Uphold, Inc.)

Digital assets do not contain matter. Lol

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23 hours ago, easysunday said:

Hi there!

So first of all, english is not my mother language and secondly filling out tax forms or even thinking about taxes are 100% horror.

But, none the less I wanted to share my opinion and would love to hear yours.

So here is my statement: XRP will be worth $100 or even $589 by the end on the year because of the FACTA Tax regulations in the USA starting on January the 1st!!

https://medium.com/@chanfest22/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44 says:

"In 2014, the IRS released guidance on virtual currencies (i.e. cryptocurrencies). Some highlights include:

Cryptocurrencies are treated as personal property (not currency) and are therefore taxed as capital assets

Capital gains from selling cryptocurrency for fiat currency (e.g. USD) or using cryptocurrency to purchase goods or services are subject to capital gains tax

Cryptocurrencies that are obtained from mining are taxable as income at their fair market value at the time they are received"

Your quoted IRS standard is outdated. The IRS does not treated mined crypto any differently than pre-mined.  All of crypto is treated as an asset and taxed as such, subject to capital gains and losses. 
 

23 hours ago, easysunday said:

that means: All US citizens and also those abroad will have to pay 30% tax on these capital gains!

Wrong.  Taxes, both LT Capital Gains and ST Capital Gains are subject to your income level, none of which are 30%.

With that being said... I have no idea why this lengthy post somehow gets us to $100 EOY.  More clickbait garbage.

 

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