HBARMY HQ - Everything About HBAR Here - Q&A Articles Information - Open to Everyone to Post

[Old Glory]

 

[shiv]

Hey I got it to work. I had to "publish" my chart.

Hell yeah. Looks good

 

[MortgageHorn]

 

[MortgageHorn]

And They Are On the Hedera Council

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

 

[noelnole]

@MortgageHorn

i know what the answer might be but you like hbar or uniswap?

i got a bunch of hbar already was thinking about trading 1k uni for hbar

 

[Old Glory]

@MortgageHorn

i know what the answer might be but you like hbar or uniswap?

i got a bunch of hbar already was thinking about trading 1k uni for hbar

I don't know uniswap but being diversified is never a bad idea. Most of my stuff is HBAR but I've got a handful of others as well just in case those (hopefully) pop sooner.

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

 

[MortgageHorn]

And There It Is CDBC's Built On Hedera

Boom!

 

[MortgageHorn]

 

[MortgageHorn]

 

[LVRebel]

What's everyone's thoughts on why Hedera is still priced so low? I know there's a lot of inventory, but still, it seems like with all of the news and stuff shared here, there would be more demand and the price would make a significant jump.

 

[MortgageHorn]

 

[MortgageHorn]

 

[Rusty Student]

What's everyone's thoughts on why Hedera is still priced so low? I know there's a lot of inventory, but still, it seems like with all of the news and stuff shared here, there would be more demand and the price would make a significant jump.

Great question

 

[racernhra]

What's everyone's thoughts on why Hedera is still priced so low? I know there's a lot of inventory, but still, it seems like with all of the news and stuff shared here, there would be more demand and the price would make a significant jump.

Exactly what I have been wondering. And why it isn’t where XRP is at least.

 

[TTUcamper]

Anyone have a good app for buying crypto they prefer?

 

[Rusty Student]

Bittrex

 

[MortgageHorn]

 

[MortgageHorn]

 

[Edgehollow]

What's everyone's thoughts on why Hedera is still priced so low? I know there's a lot of inventory, but still, it seems like with all of the news and stuff shared here, there would be more demand and the price would make a significant jump.

I'm not sure, but the more I read/watch...the more I'm a fan. I just keep buying it.

 

[Old Glory]

Anyone have a good app for buying crypto they prefer?

Binance is my exchange. I was on bittrex but binance is a bit cheaper and has all of the coins that I've used.

 

[Old Glory]

What's everyone's thoughts on why Hedera is still priced so low? I know there's a lot of inventory, but still, it seems like with all of the news and stuff shared here, there would be more demand and the price would make a significant jump.

I think it's still a relatively unknown coin at this point. Whenever I bring up crypto to people who are actually in the market, they usually say the same major ones (cordano, XRP, BTC, ETH, etc.) Only one other person has actually heard of and purchased HBAR.

Also the coin will be used to power the Hedera network but it's still in testing/adoption phase, there aren't many companies using it right now. It's a long term play but my thoughts are that later this year as things like staking and smart contracts become available to us, the price will start to rise.

 

[cktraider]

Still waiting on this to hit coinbase, but random possibly stupid question. I have 7 different coins with tiny balances from the Learn and Earn on Coinbase. Comp, FET, CLV, AMP, AUCTION, CTX and RNDR. Should I just keep these and let them ride or exchange for ETH, BTC, LINK etc? Its like less than $15 on all of the above

 

[Rusty Student]

Still waiting on this to hit coinbase, but random possibly stupid question. I have 7 different coins with tiny balances from the Learn and Earn on Coinbase. Comp, FET, CLV, AMP, AUCTION, CTX and RNDR. Should I just keep these and let them ride or exchange for ETH, BTC, LINK etc? Its like less than $15 on all of the above

I'd let it ride. If you convert, you'll have to report it for tax purposes next year.

 

[LVRebel]

Still waiting on this to hit coinbase, but random possibly stupid question. I have 7 different coins with tiny balances from the Learn and Earn on Coinbase. Comp, FET, CLV, AMP, AUCTION, CTX and RNDR. Should I just keep these and let them ride or exchange for ETH, BTC, LINK etc? Its like less than $15 on all of the above

If you have a tiny balance, I don't think it would make much of a difference in the long term. I'd probably just let them roll where they are.

 

[LVRebel]

I'd let it ride. If you convert, you'll have to report it for tax purposes next year.

Speaking of taxes, has anyone dealt with this yet? Do you only have to declare it if you've made profit? Or if you've lost, can you take it as a loss against your wages? Not specific to HBAR, but just with any crypto.

 

[Rusty Student]

Speaking of taxes, has anyone dealt with this yet? Do you only have to declare it if you've made profit? Or if you've lost, can you take it as a loss against your wages? Not specific to HBAR, but just with any crypto.

You can use losses to offset capital gains, not ordinary income

 

[LVRebel]

You can use losses to offset capital gains, not ordinary income

Do you have to provide a tax statement either way though? Whether you have any gains or not?

 

[Rusty Student]

Do you have to provide a tax statement either way though? Whether you have any gains or not?

What do you mean by provide a tax statement?

 

[LVRebel]

What do you mean by provide a tax statement?

Last year, my accountant asked if I had any virtural currency transactions in 2020. I hadn't gotten into any crypto yet at that time, so the answer was no. In 2021 I did, so I'm wondering what needs to be reported.

For example, if I bought some crypto on coinbase previously, then transferred it to a different location, like Exodus. There are some fees in coinbase to buy it initially, and then a small fee to transfer it to Exodus.

Then, in Exodus, I convert it to HBAR. They charge a higher fee to convert it into HBAR.

So if my accountant asks if I have any tax filings to report for crypto, is there a need to report? Does it only get reported if there's a net gain through these trades?

 

[Rusty Student]

Last year, my accountant asked if I had any virtural currency transactions in 2020. I hadn't gotten into any crypto yet at that time, so the answer was no. In 2021 I did, so I'm wondering what needs to be reported.

For example, if I bought some crypto on coinbase previously, then transferred it to a different location, like Exodus. There are some fees in coinbase to buy it initially, and then a small fee to transfer it to Exodus.

Then, in Exodus, I convert it to HBAR. They charge a higher fee to convert it into HBAR.

So if my accountant asks if I have any tax filings to report for crypto, is there a need to report? Does it only get reported if there's a net gain through these trades?

Capital gain or loss is reportable when selling crypto assets or converting them into another crypto asset. To determine the gain or loss, you will need to determine your basis. Your Basis will include all fees along with the original amount paid. A printout from Bittrex or Coinbase shows your transaction history so the accountant can determine your basis.

If you are just sending crypto from Coinbase to an Exodus wallet, that isn't reportable. However, the conversion from one type of crypto to another within Exodus is taxable. The accountant would then look at your crypto transactions and fees to determine the gain or loss.

Does that make sense?

 

[LVRebel]

Capital gain or loss is reportable when selling crypto assets or converting them into another crypto asset. To determine the gain or loss, you will need to determine your basis. Your Basis will include all fees along with the original amount paid. A printout from Bittrex or Coinbase shows your transaction history so the accountant can determine your basis.

If you are just sending crypto from Coinbase to an Exodus wallet, that isn't reportable. However, the conversion from one type of crypto to another within Exodus is taxable. The accountant would then look at your crypto transactions and fees to determine the gain or loss.

Does that make sense?

Yeah, just trying to figure out what's going to be the best way to do this. On the conversion side of things, where does that cost go? It should be on the sale of the BTC in the example above right? So for instance:

Buy 0.1 BTC at 50, for a net 5k of BTC
Sell on Exodus as part of conversion.

If I sold it at less than 5k total value, there's no gain.

Or, say the value of BTC went up to 55k, so I then had 5.5k to sell.
If my initial fee to buy on Coinbase was $20 for example.
The transfer cost to get into HBAR is 3%, or $165.
So I would have a net gain of 500 - 20 - 165, or $315.

Is that the general idea of how you'd have to track this through the process?

And is it necessary to report purchases if you haven't sold anything?