Forgot crypto tax filling as a foreigner.

Hello,I just realized I made a huge mistake. I am a foreign national who is a college student in the US. I have filed my taxes in 2017, 2018, 2019 so far as a non-resident alien.

This is the list of events concerning my crypto accounts:

- Around Nov. 2017 I opened a Gemini (CryptoCurrency) account and deposited $2k. My Gemini account is opened under my US address and ID.

- In Dec. 2017, I transferred my coins to Poloniex (CryptoCurrency)

- From Dec 2017 till early 2018, using Poloniex I bought and sold lots of coins for a few months and lost almost all of my assets. Lost my interest and forgot about these assets.

- In Dec 2019, I got an email that Poloniex is shutting down and I should move whatever I have. So I transferred those coins to bitcoin and transferred them to Gemini. At that time this amount was about 400 dollars. Never paid much attention.

- Just checked in Feb. 2021 and my Gemini account says I have $3000 in my account. Bitcoin really picked up.

Until now it never occurred to me that I have to file cryptocurrency in my tax returns even if I am a foreign national (I know HUGE mistake).

I can't access Poloniex anymore since they disabled my account. Gemini has my transaction history though. In 2017, I put in around $2k and now I have $2.8k. I believe I made no transaction whatsoever since early 2018 apart from transferring coins from Poloniex to Gemini in late 2019, no transactions in 2020. I have no history of my transactions on Poloniex.

Would I have to amend all of my tax returns to file this little amount of cryptocurrency that I own?

If so, can anyone please guide me as to how I can start with this procedure?

​

Thank you so much!

Hacker News top posts: Feb 18, 2021

1. Epic Games steps up Apple fight with EU antitrust complaint\ (1101 comments)

2. Before buying a NYT subscription, here's what it'll take to cancel it\ (615 comments)

3. Starlink is now Accepting General Pre-orders\ (404 comments)

4. Bitfinex, the Italian network behind the boss that makes Bitcoin tremble\ (291 comments)

5. Expanding our testing in San Francisco\ (213 comments)

6. [Ask HN: Advice for finding an entry-level remote job?](item?id=26171008)\ (182 comments)

7. The Need to Remove Bad Management\ (141 comments)

8. Zsh Tricks to Blow Your Mind\ (134 comments)

9. Why There’s No Such Thing as “A Startup Within a Big Company”\ (97 comments)

10. Don’t format a drive of M1 Macs from recovery mode\ (96 comments)

11. Who did the Anglo-Saxons think they were?\ (93 comments)

12. Mitigating Memory Safety Issues in Open Source Software\ (86 comments)

13. Google Open-Sources Trillion-Parameter AI Language Model Switch Transformer\ (69 comments)

14. Lithuania plans to hold drills in case of accident at the Belarus nuclear plant\ (43 comments)

15. How NASA Designed a Helicopter That Could Fly Autonomously on Mars\ (38 comments)

16. Dapr – Distributed Application Runtime\ (35 comments)

17. Functioning ‘mechanical gears’ seen in nature for the first time\ (34 comments)

18. Il Maestro: Federico Fellini and the lost magic of cinema\ (30 comments)

19. Athenian Democracy in the Political Imagination\ (17 comments)

20. [Launch HN: Ontop (YC W21) – Easily hire and pay remote workers in LATAM](item?id=26179281)\ (15 comments)

21. Precisely: Better assertions for Python tests\ (15 comments)

22. Show HN: An Event Sourced Minesweeper\ (15 comments)

23. Plant Blindness\ (10 comments)

24. [Launch HN: Datrics (YC W21) – No-Code Analytics and ML for FinTech](item?id=26177284)\ (10 comments)

25. StoneKnifeForth\ (9 comments)

26. The Fantasy of Opting Out\ (6 comments)

27. Curl is C\ (6 comments)

28. Library Holdings from Tokyo Univ. Now Available Through the Internet Archive\ (6 comments)

29. PiinPoint\ (0 comments)

30. A TL;DR after analyzing Clubhouse app\ (0 comments)

DD on VEChain [VET]

This DD was done 29 days ago when the price of VEChain was around 0.03 cents. I attempted to post to pennystocks at the time as I was unaware of this sub. Changed have been made to reflect the new pricing and will be reflected by text having a strikethrough where old information is no longer relevant and new information will be in italics to show new information. I advise that you still read the bits that are crossed out as it exemplifies how much VET has improved in such a short time. To see the original DD, please check my page and posts on this sub.

What this DD Will Contain:

• What VEChain is
• Appliances
• Price Prediction
• Competitors (idk why none the DD I see EVER discusses competitors as its so important to look at)
• What makes VET different from competitors (and many other crypto currencies)

​

Disclaimer

At the time of writing this, I own approximately 15000 VET which I bought at 0.027 cents each. My purchase was on the 29th of January - I bought at this time as I, as will be explained in this DD, expected a price rise in February to 0.045 which has been exceeded - the price in January was around 0.03 cents so this dip was more than enough of an incentive to buy for me. This is not financial advice, but my personal method for purchasing crypto/stocks discussed on reddit is to always wait for a dip rather than just buying the second after reading - I'm sure this is the case for nearly everyone, but I don't want people to blidnly jump into VET without understanding.

​

What is VET?

VEChain is a cryptocurrency that is built upon the VEChainThor blockchain - it currently sits at $0.029 $0.056 and has a market cap of over $3.5bn ranking it at 24 in terms of market cap. Of the 86.7bn VET that is available, 74% or 64.3bn is currently in circulation supply. The currency functions as a supply chain verifier which logs the events of a product through its stages of production. This potentially provides market changing technology to several industries that struggle against fraud. The counterfeit market is worth over 1 trillion USD worldwide with household name brands such as Nike and Adidas fighting fraudulent goods each year. By verifying what has happened at each stage of production, VEChain’s technology can probe whether a good is legitimate or not. Not only is this useful for verifying clothing (a massive market obviously) but more importantly, this can verify goods which, if counterfeit, could be dangerous to consumers - a contemporary example of this is how VET is used in Cyprus to log people who can be verified as having had a COVID vaccine.

​

Appliances - Why is VET useful?

To elaborate on the examples provided above (which are by no means exhaustive) lets have a look at Nike. Nike faces massice counterfeit market problems, particularly in the sneaker industry. This is likely a result of the resell value of many shoes which can be upwards of 10x market price. There is a clear motive for people to create fake shoes and pass them off as real here to scam unknowing buyers into paying for a shoe that, when they receive it, turns out to be branded "Neki" instead of "Nike" and when they go to return to the seller, they cant find the page. Some are much more lucrative of course and will copy designs with great detail. Whilst some consumers may not even care about the authenticity of the product, Nike does - it cuts into their revenue massively. Nike may choose to implement VEChain technology into their shoes (on the box) to verify them as can be seen here with this bottle of wine. Buyers then have access to the steps that were involved in the creation of the shoes and can trace the authenticity as the app provides details such as Place of Production which I also think has a bit of novelty value too.

Tragedy stories are, as we all know, horrific for business and we see companies coming out time and time again warning against fake products. Love them or hate them, vape pens are becoming more popular as people look for alternatives to smoking, but their costly price tag can often deter people from purchasing. That's where, you guessed it, counterfeit minimal safety vape pens come to the rescue! In all seriousness, I think the concept of creating a low safety vape pen to sell (or any other good wiht low safety measures) for some profit is disgusting, the reason I bring it up and use vape pens as an example is because I actually saw this post about Puff Bar partnering with VET to authenticate their vapes. There has since been a screenshot of someone who managed to verify a Puffbar vape using Vechain's technology, this could be the start of the vaping industry mass adopting product verification technology.

As mentioned earlier Vechain has been used by some smaller countries such as Cyprus to log information about which people have received the COVID vaccination. As countries progress through the battle with COVID it's possible that other small countries particularly in Europe may adopt the same approach to logging vaccine information - it's actually a pretty interesting approach and definitely worth the read.

In addition to all this, Vechain also manufactures hardware for clients that are specific to clients requests. I'll elaborate more on why this is important in the competition section but this obviously provides benefits to suppliers who are looking to integrate blockchain technology.

​

Price Predictions

Okay I know this is why everyone's here, I'm usually not a fan of the rocket emoji but it will be making an appearance otherwise whats the point in posting? As stated, VET currently sits at $0.029 $0.056, it has very recently broke it has nearly doubled its previous ATH of around $0.032 from back in 2017, after which it had a temporary blip as did every coin a couple of days ago but it has recovered amazingly (dropped to $0.019 dropped to $0.042 and damn I wish I bought some). Anyway, the coin seems to be stabilising between the $0.025 and $0.03 $0.050 and $0.055 mark and as I write this I've just checked and it's really flirting with $0.03 and it's actually a little above that range at $0.056. My guess, with altseason coming up, is that VEChain could achieve the following - altseason is seen as a period in which non mainstream crypto currencies have a season of booming, usually noted as happening after ethereum explodes which, as seen in 2017, tends to happen after a bitcoin explosion as people look for the next big thing:

Short term (within the next 3 months) - $0.045🚀 $0.065

Medium term (within the next 3-12 months) - $0.30🚀🚀 $0.15

Long term (12 months and onwards) - $1.00🚀🚀🚀

And here's why:

Short term - Alt season is approaching as we are currently in an Ethereum explosion which followed the Bitcoin explosion of the last month or so, "alt" coins should follow with alt season and, if not, can be influenced by the rising of BTC and ETH. The currency is also stabilising at near an ATH (daily wise it is stabilising at its ATH - this does not mean it is currently at its very highest value but it is sitting close to it) which with the influx of new people to stocks and crypto can attract large numbers of investors. As you can see, my prediction was shattered, I'm raising my prediciton now to $0.065 as the currency seems to hit a resistance at $0.06 but its only a matter of time before it breaks through.🚀

Medium term - After altseason, there does tend to be a down period, but this is no different from anything seen with penny stocks where one day they're up 40% then down 20% the next. After this settles, I suspect a gradual rise as more collaborations and the breakthrough to Western countries edges closer. I have lowered the prediction for medium term as I don't see VET doing a 10x rise this year as it did last year, after all, most coins grew so rapidly solely due to COVID crushing them. I see a 3x rise being possible with anything above $0.10 being incredible.🚀🚀

Long term - By the end of the year I expect Vechain to be well on its way creeping closer to $1, albeit slowly The way it has capitalised on opportunities presented by Covid is what any company should strive to do and I'm sure it'll reflect in its price. It's hard to find institutions like JPMorgan that cover VET, but I did find this article from Wallet Investor - they predicted VET to hit $0.025 sometime in 2021, and it did so after about 1 week... I'm very bullish given this prediction being obliterated and more reasoning will be provided in my competitor discussion of "Chainlink". 🚀🚀🚀

​

Competitors and why VET is Different

As mentioned in the disclaimer, its crazy how many DD I see doesn't include competitors as a section of discussion. Anyway, the main competitors to Vechain are:

• Chainlink
• The Open Application Network
• Provenance
• Food Logiq

I'll start by discussing Chainlink and The Open Application Network as the latter is actually a stock. Chainlink, like VET, has recently hit an ATH. This is not bad for VET by any means which is making gains of its own. Chainlink shares the property of supply chain tracing with VET, but aside from that the two are much more different. VETs applicability to healthcare, hardware engineering and finance distance it from LINK. Similarly, whilst OAN does offer some great use as a blockchain platform designed to be developed on to shape how future platforms operate, it is in a much different lane from VET in regard to finance and healthcare - VETs variety sets it apart.

Provenance gets its own section because as far as im aware, its just Chainlink but worse as its limited to food and drink products. Maybe if this was VET 3 years ago this would be competition, but this shows the progress VET has made in that time.

FoodLogiq, like Provenance, offers traceability functionalities on, you guessed it, food. Again, it's in a similar boat to provenance being a distant, underdeveloped relative of sorts.

​

Conclusion

I hope after you've read this you go out and do some research on VET as, I believe, its potential is massively underrealised. The way in which are goods are verified will no doubt change in the near future, and if VET isnt responsible for this, itll be busy revolutionising the healthcare industry instead.

​

TL;DR

VEChain is a cryptocurrency that verifies product authenticity. It has applications in business supply chains, finance, healthcare and would be useful in the development of smart cities. Through partnerships with brands and companies, the currency has a lot of room to grow. There are some competitors but due to how VEChain has adapted its operations overtime, it is useful in tackling many issues that its competitors aren't developed enough into.

This is just embarrassing.

I am a watch collector and subscribe to many watch traders, one of which for some unknown reason decided to add this in their latest email:

“ *** BITCOIN? LOL We are on the brink of a historical event. In a few days - or even a few hours - one bitcoin will be worth more than 1kg of gold. Ironically the rise won't stop there - the 'value' of worthless crypto currency with no store value will continue to go through the roof! Until, like all bubbles in the history of humankind, it bursts into nothingness. The same nothingness it is made from.

For those of you wondering ''Am I too late to the party?'' my answer is simple: no, you are not. For the same reason a decent an honest man is never too late to a drug party organised by a gang lord.

The fact that Bitcoin is fake gold is obvious to any reasonable person. It is not a currency, not an asset, not a unit of account and it doesn’t provide a scalable means of payment. No income, no use, no utility. At it's core, it is a self serving speculative system used by criminals, terrorists, human traffickers and tax evaders, sheltering their wealth and moving money across international borders.

As a system outside government control, sooner or later, bitcoin will be crushed by governments world-wide because no government is going to allow untraceable tax-free transactions for too long. When that happens the bubble will burst and in that moment there will be no winners. Bitcoin will revert its intrinsic value – which is zero. Or more precisely below zero because maintaining the chain ledger will cost billions of dollars in electricity consumption alone.

I am not a financial adviser of any kind, but when we have a spare dollar or two, we invest in education, workshop machinery and watches. Real assets that will take our earning capacity to next level.

The best investment for a carpenter is in timber, for shoemaker in leather and jeweller in gold. Planting a few native shrubs in your backyard and painting a house with a fresh coat of paint is simply a smart investment. Investing in a new pair of walking shoes and a dog is the ultimate investment.

Obviously, the future of money is in some form of digital exchange, and sooner or later we will go ‘crypto’. But that coin won’t be a Bitcoin. In 20 years from now you will remember this moment in time with chuckle, while checking the time on your NH Mark 1, Seiko or Omega thinking – well THAT watch was a great investment.”

I am so embarrassed for these morons. I unsubbed after replying that they need to stick to what they know, watches, and leave the investing up to financial advisers and seasoned investors like myself.

Help me out on this hypothetical tax situation

Lets say you buy a new tesla with bitcoin. Upon the bitcoin /tesla exchange you trigger a taxable event? So now you owe capital gains taxes on the amount of bitcoin you exchanged for the tesla and also you ow sales tax on the tesla itself?

I know you would trigger a taxable event no mater how you converted your BTC for this sale but it just seems crazy to me.

MyIdentityCoin

This project is very useful information and users can update themselves with this information and should join more. Good luck for future upcoming events. #MyIdentityCoin #blockchain #cryptocurrency #technology #bitcoin #money #crypto #ethereum #cryptocurrencies #fintech #ICO #innitialcoinoffering

The aggressive video GameStop game retailer shares buy has drawn financial market attention to the WallStreetBets Reddit community. Small group of retail buyers is suspected of being involved in eight-year high silver price pump.

https://preview.redd.it/adnh3um998i61.png?width=2118&format=png&auto=webp&s=61c7caa41d7496dab95be8898614084756d2e72d

At the market opening on February 1st 2021 spot prices of precious metal jumped 10% and almost broke through the $ 30\ounce mark. Who is really behind the unexpected rally in the silver market? Should we expect a similar boom in other stocks, commodities or even cryptocurrencies?

Many news agencies including Bloomberg saw the relation of silver's skyrocketing rise to so-called Redditors, members of the Reddit forum who oppose the establishment. Apart from GameStop the WallStreetBets community has been buying up many other stocks including Nokia, BlackBerry and AMC. However, admitting their involvement in the stock market movement the users and moderators of the platform have aggressively distanced themselves from the attempt to silver short squeeze .

Talks of a possible silver short squeeze on r / WallStreetBets (abbr. WSB) began on January 27th. A special publication stated that the value of the precious metal could rise from $ 25 to $ 1,000 after a successful short squeeze.

Nevertheless the public opinion quickly turned against the proponents of buying silver and its derivatives . A popular thread post proclaimed, “There is no silver short squeeze happening. NONE. NEVER.

The thread moderators also stepped in and removed one of the earliest posts calling for an attack on the precious metal. However, on January 30th a small group of users detached from group and created their own r / Wallstreetsilver branch but they failed to gain a sufficient number of followers. At the time of publication the number of subscribers barely exceeds 16,500. For comparison: the r / WallStreetBets branch has more than eight million users.

Reddit denies involvement in silver pump

https://preview.redd.it/pg46lhmt98i61.png?width=2559&format=png&auto=webp&s=b643d606cb8f974ece37d8f5877f2355a1f4c571

📷Companies holding SLV: WhaleWisdom

Many of the WallStreetBets subscribers believe that the silver price pump will benefit the very organizations they rallied against. Indeed, big businesses and hedge funds are among the largest holders of the precious metal.

Citadel Investment Group owns approximately 6 million in silver stocks wherein investments from banks like Morgan Stanley, Bank of America and Wells Fargo are double that amount. Citadel is one of two companies that invested nearly $ 3 billion into Melvin Capital, an infamous hedge fund that nearly went broke on GameStop short. WSB users came to conclusion that the silver price increase would benefit these companies far more than the average retail investor.

Кроме того, такие ETF, как iShares Silver Trust (SLV), просто изменение стоимости серебра во времени. Поставщику ETF не требуется покупать физическое серебро по мере поступления новых инвестиций.

Moreover, the ETFs like iShares Silver Trust (SLV) are simply the change in the value of silver over time. The ETF provider is not required to buy physical silver as new investments occur.

On the other hand the forum residents claimed that buying stocks backed by physical silver could cause a significant drop in supply. This difference in supply and demand will result in large scale physical delivery of precious metal. Many are hoping this will quickly drive prices spike similar to how GameStop's stock price jumped last month.

Other users also noted that calls for a silver short squeeze were mostly coming from users with new accounts. This discovery confirmed earlier claims that the thread was a subject to provocative infiltration. Last week WSB members also stated that calls for a silver short squeeze could be a "coordinated attack" by Wall Street companies.

https://preview.redd.it/8d96jwpg98i61.png?width=574&format=png&auto=webp&s=4ca7480a140fb885ee5dcfe7c01afefce4dc2f14

By shifting community attention to silver, hedge funds are hoping to ease the buying pressure on GameStop. This will lower the price and allow these companies to safely close their short positions.

However, Reddit is an anonymous forum so it is not possible to know for sure who these users really are. In any case, the WSB users quickly returned to GameStop topic discussions. As of February 2nd 2021, most of the topics within r / WallStreetBets thread were focused on either GME or AMC.

Melvin Capital was rumored to have closed its GameStop position on January 27 but the company's cumulative short position still exceeded 100%. Even so, on February 2nd this indicator fell down to 39% of circulated shares volume. The reduction of short interest confirms the assumption that hedge funds started to close their shorts.

Cryptocurrency has entered the chat

Silver price raced nearly 20% up in three days, but there was another asset that made even more gains over the same period. The XRP token has risen in price by more than 56% in a single day and has tested the area above $0.75 on February 1st .

​

https://preview.redd.it/in8nwxys98i61.png?width=560&format=png&auto=webp&s=8fe498d4765dcd2c802a3da178820b91f1fe999a

XRP has been steadily dropping in price since December 2020, that is, since the US Securities Commission (SEC) sued Ripple, the token issuing company. Last month alone several major exchanges including Coinbase and Binance have either delisted the token or suspended the trading.

According to numerous reports, the price increase was initiated by a Telegram group called Buy & Hold XRP. In one single day the channel gained 200,000 Telegram subscribers that led the group to split into two.

https://preview.redd.it/xhbqqilo98i61.png?width=720&format=png&auto=webp&s=8391456181c93ce98990069de6f9071416019f86

📷Reddit screenshot proving XRP pump

Despite the stable growth over the last week, the apex of the pump happened on February 1st. Reddit and other social platforms were encouraging Investors to buy and hold the coin for as long as possible.

XRP pump was initiated and organized outside the WallStreetBets thread. Nevertheless, the buy-and-hold call found support in XRP discussions, although there was no fundamental basis for this strategy. In post that was deleted from r / Ripple the user explained "Why the pump WILL work on Monday."

https://preview.redd.it/hu6hhilo98i61.png?width=712&format=png&auto=webp&s=ff457351cd27790f63a27ef97b37e9a92696cf1b

📷Why the pump WILL work on Monday: Reddit

WSB investors have shown interest in token, but still, gave the pump initiative a cold shoulder. After the $ 0.75 breakout the bullish momentum began to fade out and the token rate quickly went down. Within minutes, XRP dumped 20% down to $ 0.60 per token. By February 2nd the token dumped once again and hit the price level of $0.39.

The big financial companies got stuck in short positions of GameStop and AMC stocks and therefore a unique opportunity for short compression arised. You can't say the same about XRP though: the SEC lawsuit fudged its fundamentals.

Several hours after the buy-and-hold strategy failed, retail investors came to Reddit to report their losses. There were several posts on the r / XRP thread where people either complained about the event or sympathized with the losses.

One of the thread members wrote: " I genuinely thought we could run it up and hold it, and now I, along with hundreds of thousands of others are stuck with the burden of watching the price go lower than when they bought in."

How cryptocurrency attracts new generation of investors

Even though XRP has tarnished the cryptocurrency's reputation in the eyes of some retail investors, the industry has yet a lot to offer. Bitcoin (BTC) represents a fundamental shift in our understanding of money. So unlike traditional fiat currencies, governments cannot manipulate the Bitcoin supply.

Decentralized finances or DeFi-projects offer a paradigm shift for the financial industry. During the battle for GameStop retail investors have learned a key point -you can't trust intermediaries. With DeFi users don't have to trust platforms like Robinhood and hope they act in good faith and in their best interest.

https://preview.redd.it/9zz6ft6r98i61.png?width=706&format=png&auto=webp&s=39879e94d5b6578e715c6a5befaf66093f9cc3aa

📷Total amount of locked funds in DeFi: DeFi Pulse

Many have embraced this idea, as evidenced by the ecosystem's almost exponential growth since mid-2020. According to DeFi Pulse more than $28 billion in assets are currently locked within various protocols. They provide a variety of applications - from gaming to insurance.

The GameStop story has proven that the purchasing power of retail investors is a force to be reckoned with. According to some reports, sellers lost $ 20 billion in this battle. This money passed into the hands of private investors and very soon will get into the crypto space from there.