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1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Monday, 14-Dec-2020 18:15:22 EST lnxw48a1
   #sonTwo called to tell me his father-in-law wants to give them a small amount of money to get started in cryptocurrencies. I gave him a quick primer (with the caveat that I've never tried them, just watched the hype), including sharing my misgivings about giving banking info to unregulated crypto exchanges.
   
   I am going to have to read up on it now.
   1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Tuesday, 15-Dec-2020 11:05:58 EST lnxw48a1

      in reply to
      Well, it looks like there is far too much opinion and not enough facts. I think I need a step-by-step primer, something that assumes I want to mine #BTC or other major cryptocurrencies. Because starting with "Join $CRYPTO_EXCHANGE or uy through LocalBitcoins" is skipping important fundamentals. Don't get me wrong: I'm sure my son is going to have to get an account on an exchange, but if he approaches it as price speculation instead of a way to buy and sell, he'll be unprepared when speculators move on to other things. ("Psst. I've got a roll of vintage Northern toilet paper. It is worth $400, but I need to sell qickly, so I'll sell it to you for $250.")
      1. GeniusMusing (geniusmusing@nu.federati.net)'s status on Tuesday, 15-Dec-2020 14:53:44 EST GeniusMusing

         in reply to
         @lnxw48a1
         Might want to pass this along.
         
         IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form
         https://finance.yahoo.com/news/irs-bitcoin-and-virtual-currency-tax-form-193503386.html
         
         >The Internal Revenue Service (IRS) is making it harder for taxpayers to conceal cryptocurrency transactions — whether intentionally or not — by adding a new question about it near the top of the new Form 1040.
         >
         >The form released last week asks: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The only option is to mark yes or no.
         >
         >If you answer inaccurately, you could find yourself in hot water with Uncle Sam who is rooting out tax evaders, tax professionals warned.
         >
         >“When you sign the form, it’s under the penalty of perjury,” said Ryan Losi, a certified public accountant and executive vice president of PIASCIK, a tax firm. “The IRS is just gathering the data, changing the forms to expressly say you did or didn’t, and setting the trap, so in the coming years, the hammer can come down.”
         >...
         1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Tuesday, 15-Dec-2020 19:08:55 EST lnxw48a1

            in reply to
            Thanks. Sent.