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Their data all comes from people who file taxes Credit Karma. > The figure, reported by CNBC, comes from Credit Karma, a popular financial app through which pe
by spacehome 9y ago
Their data all comes from people who file taxes Credit Karma.
> The figure, reported by CNBC, comes from Credit Karma, a popular financial app through which people can view their credit score and file taxes. Of the more than 250,000 people who have filed through Credit Karma this year, a whopping 0.0004 percent have claimed to have money in bitcoin or other cryptocurrencies.
Could it be possible that people who file taxes with Credit Karma are not a random sampling of the population, and maybe bitcoin holders (and particularly those who report it on their taxes) have structural reasons to avoid CK? Lazy reporting to not even mention it in the article. Is it just me, or is there an increasing trend to take one statistic and stretch it out to a 5 paragraph news article?
(And that percentage is just a fancy way to say that 1 Credit Karma tax client out of 250,000 declared bitcoin.)
- halfdan 9y agoAlso, why report 250k and 0.0004% and not just "~100 people". Makes it much easier to digest.
- cecilpl2 9y ago100 people is 0.04%. 0.0004% is one person.
- mathewsanders 9y agoI read it as 250k x 0.0004 / 100 (which equals 1)
- TylerE 9y ago0.0004% = 0.000004
- Cookiesaurusbex 9y agoAlso "Bitcoin traders have been less than pleased with the realization they have to pay taxes on any of their earnings" isn't a fair statement. I have spent a lot of time reading on crypto currency forums this last year. I think most people (aside from some of the more libretarian / anarchist "taxation is theft" folks) were aware that that would be some kind of capital gains tax on what they cashed out. What people didn't realize was that you would get taxed per transaction on unrealized gains.