LTB #426 Bitcoin Taxes and Real World Scams!

LTB #426 Bitcoin Taxes and Real World Scams!

Author: Adam B. Levine February 9, 2020 Duration: 53:21
Speaking of Bitcoin (formerly Let's Talk Bitcoin!)
Technology

This week the hosts of LTB! discuss the US tax treatment of "Virtual Currencies" and how scams find a home wherever opportunity exists, at least for a while.

This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.

During our first segment, we'll discuss:

Virtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any individual transaction results in a capital gain of $200 or less.  Previous versions of the bill proposed a $600 cap. If passed, it would take effect in the 2020 tax year. Link -  H.R. 5635

The IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040

Yang proposes "Digital Asset Regulation": U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets.    Yang says clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Link - Yang 2020

Later on, we'll dig into the "why" of scams as we begin a longer conversation on the topic.

Three main points on scams:

  • Ponzi schemes thrive in disrupted spaces with uncertainty, poor credentialing, and poorly understood complexity
  • The crypto currency space has these attributes
  • The underlying appeal of ponzi scams (and bitcoin) comes from the mythology of redemption, getting something from nothing, the genie in the bottle, etc

Links:

This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.

Photo by Fernando Venzano on Unsplash

This episode was produced by AP's Don and Ned. It featured discussion by Adam B. Levine, Stephanie Murphy, and Jonathan Mohan.

Music for today's episode was provided by Jared Rubens, From Ether and Gurty Beats, with editing by Jonas. 

Would you like to Sponsor a future episode of the Let's Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.com


For years, Speaking of Bitcoin has served as a thoughtful hub for conversation about the technology reshaping money and society. Hosted by Adam B. Levine alongside Andreas M. Antonopoulos, Dr. Stephanie Murphy, and Jonathan Mohan, this podcast approaches a complex and often divisive space with a commitment to clarity and even-handed exploration. The discussions prioritize depth over hype, breaking down technical concepts, economic implications, and the human stories behind the cryptocurrency phenomenon. You'll hear nuanced analysis and interviews that respect the listener's intelligence, whether the topic is a new protocol layer, a regulatory shift, or a philosophical debate about digital sovereignty. As the longest-running English-language talk show dedicated to this ecosystem, it offers a unique historical perspective that newcomers and veterans alike will appreciate. Tune in for the friendly, substantive dialogue that has defined this show since its earlier days as Let's Talk Bitcoin.
Author: Language: English Episodes: 100

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