We are going to support exporting your satistics and want to give a prices in that data. Given second to second price fluctuations, how precise does this exchange rate need to be? Can it be the price within a minute, or day?
1576 sats \ 0 replies \ @cryptocoin 11 Jan 2023
For tax purposes for "exit price", using end-of-day / closing price should be sufficient. Since this is an ad-hoc, real-time report, you might be generating the report before the end of the day, so maybe using the open price at the beginning of the trading day works better.
As long as it is consistently used is key.
Where an approach doesn't pass muster is where a trader, for example, uses the open price for one trade, and then actual trade price for the next trade, and then maybe closing price for a third trade -- each chosen because it was advantagious for minimizing reported gains. That is what they don't want to see.
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55 sats \ 13 replies \ @DarthCoin 11 Jan 2023
Are out of your mind?
Who in the right mind still pay taxes and still declare his sats as "capital gains" ?
You US people are out of your mind... no wonder they fuck you (the politicians) how they want to.
You have to be really insane to go and report to IRS your sats earned on SN... unbelievable if this is really happening.
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115 sats \ 12 replies \ @k00b OP 11 Jan 2023
People have asked for it.
High profile/net worth bitcoiners are concerned about being targeted by governments on tax stuff ... so some of them probably don't use services like SN because they are worried about taxes.
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388 sats \ 8 replies \ @benthecarman 11 Jan 2023
If this is a concern you should put in your terms that the sats on stacker.news are just points that are redeemable for sats, that way the user would only need to report on withdrawals
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10 sats \ 6 replies \ @k00b OP 11 Jan 2023
Does anyone else do that? Can I do that if we call them sats everywhere?
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484 sats \ 2 replies \ @benthecarman 11 Jan 2023
That's what we do at TBC
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459 sats \ 1 reply \ @lightcoin 11 Jan 2023
have you asked a lawyer about this? :thinking:
not a lawyer but if the points are transferrable and redeemable for money this is effectively money and most likely courts will say calling them "points" doesn't get around the fact of the matter.
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189 sats \ 0 replies \ @benthecarman 12 Jan 2023
this is what our lawyers told us to do
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189 sats \ 2 replies \ @orthzar 11 Jan 2023
And there is another question: would renaming them from "sats" to "points" be necessary? Afterall, that would be an after-the-fact thing. I would guess the answer depends on what the SN ToS currently says about the nature of the sats-on-SN vs sats-on-Lightning.
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10 sats \ 1 reply \ @k00b OP 11 Jan 2023
There is no ToS lol.
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0 sats \ 0 replies \ @DarthCoin 11 Jan 2023
There is one and only one for IRS/govs: GFY
ššš
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0 sats \ 0 replies \ @DarthCoin 11 Jan 2023
very good point.
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35 sats \ 2 replies \ @DarthCoin 11 Jan 2023
Then this world is really fucked.... people are fucked.
Anybody that supports taxes (even if they hate them) is a supporter of slavery.
At this level I don't even understand why we still continue pushing Bitcoin. Is useless. Humanity doesn't have any chance to go forward. IS TOTALLY FUCKED.
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31 sats \ 1 reply \ @cryptocoin 11 Jan 2023
Show us on the doll where the tax man touched you.
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25 sats \ 0 replies \ @DarthCoin 11 Jan 2023
ššššššššššššš
They don't even dare to ask me about taxes.
They will get force chocked š
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0 sats \ 2 replies \ @thebtctoto 11 Jan 2023
Just make something optional for users to download that is cumbersome and tedious to read ( think like one xaction per page) so users can download it and throw it at an irs auditor if necessary. Crazy to me to think of people volunteering this info to the IRS though...
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0 sats \ 1 reply \ @k00b OP 11 Jan 2023
They do apparently. What's crazy to me is the IRS is interested in such small amounts, but governments aren't exactly rational.
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0 sats \ 0 replies \ @thebtctoto 11 Jan 2023
No they arent...but people need to get a little more out of their comfort zone and not report $.18 of btc they received using like stacker news and fountain š¤£
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