gwern comments on Look for the Next Tech Gold Rush? - Less Wrong

34 Post author: Wei_Dai 19 July 2014 10:08AM

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Comment author: gwern 24 July 2014 07:21:06PM 2 points [-]

Last I read you said you'd made more money buying bitcoins than you had doing anything else, and you still hadn't sold any. Has that changed?

I have been periodically cashing out small quantities, since you're right, I'm not comfortable having so much of my net worth in bitcoins. It's not going very fast, though, since if I sell it all it'll cause tax problems and I don't understand taxation at all. (I'm not sure how much I can funnel through Coinbase before I trip various requirements.)

At least all the institutional interest seems to have tamped down on the volatility lately!

Comment author: ESRogs 25 July 2014 05:52:03PM 3 points [-]

I don't understand taxation at all.

Do you have questions that are not answered here? My understanding is that you just pay capital gains. That's what I did, and the IRS seemed to be happy with my tax return.