Topic not discussed in the Blue Paper


#22

The main thing is that we will enable the open source community to develop a lot of these specific tools various groups of people will need.

There are so many businesses that will spring up to participate in our open transparent blockchain.

Questions/Requests such as these are so simple to address ever more as we spread wider and more prevalently.

In the US you’ll have to sell part to pay your taxes (I think) So that will create an amazing arbitrage opportunity and trading volume for traders.


#23

Hi Dan,
I was thinking the same thing. I’ve been thinking a lot about how am I going to be able to afford to pay my state and federal taxes once Safex takes off. I don’t ever want to have to sell any of my Safex. I’m hoping I can meet my tax obligations on an annual basis through my Safex Cash profits. Sad the state and federal government in the USA have to be such Killjoys.
I’m looking forward to listening to your interview tomorrow on the Larry and Joe Show!! Sincerely appreciate all the great work your doing

Thank You!


#24

@jcasale, the initial distribution of safex cash will have a value of 0$ so only what you sell will be your taxable income; and then if you hold 1 year+ its long term capital gains tax;

Disclaimer: I have no idea what im talking about


#25

In the US at least, capital gains only kicks in when you sell cryptocurrency for cash since cryptocurrency is considered by the IRS to be “property” not currency. There are other ways to avoid that tax though, like if you reinvest in a 401k or real estate for instance.


#26

You don’t need to pay taxes if you hold SAFEX. Only when you sell it or purchase goods with it.


#28

@jcasale if you have problem with tax, live in Belarus, here from March 2018 you will not have to pay taxes from the crypto at all: https://news.bitcoin.com/cryptocurrencies-activities-legal-tax-free-belarus-starting-march/


#29

Disclaimer: I have no idea what im talking about

not really reassuring…


#30

Do you expect him to have an understanding of how tax works in every country that people could use safex? It’s down to people getting involved to understand the tax rules and the information they require and then a platform can be made for everyone’s needs via open source.


#31

Wanted to copy this from twitter, since it answers a question many of us had on setting marketplace prices (in the context of crypto instability) :slight_smile:


#32

Crypto transactions are taxed as “property.” All crypto transactions have always been taxable as property, and like-kind exchanges have never been available. The 2018 tax law changed nothing.

There is a simple way to address these issues. Sign up with Cointracking.info. It will track everything for you automatically.

For more detailed information about US taxes on crypto, see this post from reddit below:

https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/


#33

Wrong. You should read #6 in the post below:


#34

Also remember, not everyone resides in the US


#35

Of course. I’m only addressing requirements of US law.


#36

Okay correction, you’re supposed to pay taxes when you spend your crypto as well.

My question is how can the government track an anon coin like Safex Cash?


#37

Yes, I’m somewhat familiar with Cointracking.info, as it was widely adopted by Coss Exchange for their members to use. But even Coss Exchange produces an export of all the transactions for their members so that they can use the cointracking utility.
I was just hoping that @dandabek would provide some kind of export for us so that I could use something like Cointracking.info. I wasn’t asking Dan to do my taxes. I just want to be able to produce an export that lists Safex and Safex Cash transactions for the amounts I earn or spend at specific dates and times based on the cost of Bitcoin. This export could then be uploaded to Cointracking.info. But I digress, I’m not an accountant and I’m not sure yet how any of this is supposed to come together. So I don’t mean to be asking for the impossible if this is what it amounts to.

Kind regards!


#38

Isn’t this a blockexplorer for that blockchain? Maybe tailored to give nice names but essentially a blockexplorer ported to explore the safex blockchain


#39

My two cents, and I’m not an expert, but maybe you can see some wisdom in this;

“Render to Caesar the things that are Caesar’s, and to God the things that are God’s.”

The IRS is a private entity that stole the right of the US Gov. and now prints “Fiat US Dollars” for the US Gov.

The IRS has no claim on Bitcoin or Safex !

I’m not saying there should be no taxes, I’m saying not every thing should be taxed or can be taxed legally !


#40

Rob,

You mentioned in an earlier post that all of the Safex transactions are listed on the Blockchain. Does that Blockchain show the price in Bitcoin that I paid for Safex at the specific dates and times?
Turns out I don’t think I’m actually able to get that info from OmniExplorer. Do you know the URL for the Blockchain that has theses transactions so that I can determine my cost basis?

Kind Regards!


#41

Nor can the market place. How is it to know where,when and what price you paid for your safex coin?

Did you buy it on tradesatoshi or bittrex years ago?? How is it to know. Some ESP package?

But if you transacted it on the market place then there is the record in the blockchain and the blockchain explorer will be able to tell you. (blockchain explorer or whatever it will be called)


#42

Use the date to find out the BTC price at the time