I don't want to be Debbie Downer, but this IRS ruling on crypto as property as opposed to currency really has be down in the dumps.
Unlike most of the crypto-knuckle heads out here in crypto-fantasy land (the place where unicorns fart rainbows and the IRS is unable to track Bitcoin), I always expected to have to pay taxes on my gains. When I converted crypto to fiat in coinbase, I put aside a hearty 30% to pay in taxes. I even expected to pay taxes on the purchases I made at SilverGoldBull.com as well.
So what's got me down? Well, this idea that Bitcoin to Etherium to Ripple to Litecoin is not a "like kind" trade thus making me have to track every single transaction and figure out the gain/loss on each transaction.
Lately, I've been enamored by some of the alt-coins and wanted to convert some of my Steem into Bitcoin then into Ripple/Stellar/Bitshares/etc. The idea that I have to manually track all that makes me want to give up the space all together!
I also made some lofty stacking goals about filling up a Monster Box with nothing but proceeds from Steemit. Well, that too seems like it may not happen if I have to chart all of my hops from one coin to another..
Anyone out there feeling the same way? Is it time to walk away from the whole crypto coin space or am I just over-reacting?
