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What brokerage? I don't need any brokerage to trade one crypto for another. Find someone who wants X, I send them X and they send me Y in return. X and Y may no
by tibbon 9y ago
What brokerage? I don't need any brokerage to trade one crypto for another. Find someone who wants X, I send them X and they send me Y in return. X and Y may not be fiat currencies, and the value in USD at the time may be spread by 10% on various markets at the moment. Does the IRS want me to value those transactions as per GDAX at that moment, or Upbit?
Crypto takes out the need for middlemen like brokers. You can use them, but you don't have to either. Even with them, unless you're trading for USD at the time it's a standing question of what the USD value was at the moment. This isn't like, "use the price in the WSJ that morning".
- whorleater 9y agoYes, so when you choose to not use a brokerage you're responsible for keeping track of your own transactions.
- spookthesunset 9y ago> Even with them, unless you're trading for USD at the time it's a standing question of what the USD value was at the moment. This isn't like, "use the price in the WSJ that morning". If you don't know the USD value of what you are trading then you are a pretty poor trader...
- tibbon 9y agoOr have high speed trading bots constantly selling alt currencies against each other.
- kchoudhu 9y agoThis is most definitely not how 99.99999% of trading volume is executed.
- charlesdm 9y agoYou might not need a brokerage. But you do need to pay tax on those exchanges. Your responsibility to figure out the corresponding exchange rates at the time of your transaction.
- Taniwha 9y agoYou don't need a brokerage to sell stocks either (assuming you actually hold the stock certificates) but you're still responsible for reporting to the IRS your capital gains It's magical thinking on the part of people selling digital assets that somehow the tax codes of any country don't apply to them