[ale] [OT] (but computer and cryptography related) Bitcoin, Litecoin

[Michael B. Trausch]

On 03/31/2013 11:56 PM, Ron Frazier (ALE) wrote:
> I'd like to get further clarification on this from anyone who 
> understands the treasury and tax laws, if anyone does.
[...]
> And, how the ##@#$$# do I figure out what my capital gains are so I
> can pay my taxes, since every coin has a different cost basis?

This isn't a problem of _law_, so much as it is a problem of
_accounting_.  You MUST keep accurate records.  It's as simple as that.
 Granted, the records will be large in this case, and you'll want
technological assistance in doing so, but it's just arithmetic.

If you want to go any further about the law, see an attorney.
Otherwise, do what the rest of us do, operate honestly and on a
good-faith basis, and involve an attorney only if the need arises.  If
that is too scary, then don't dabble at all in any form of
cryptocurrency and just go through established and centralized fiat
exchanges.

After all, if you can predict the strength of the USD against anything
else, you can make money, just as you can in the stock market if you
play the guessing game well.

	--- Mike

-- 
Michael B. Trausch, President
Naunet Corporation

Telephone: (678) 287-0693 x130
Toll-free: (888) 494-5810 x130
FAX: (678) 287-0693

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