@Bcohen @Tron
What if I told you I invoiced LTB for $250, and was paid in LTBc? This was very early on. The exchange rate valued LTBc at many orders of magnitude higher than today's value (a valuation guess was given by Michael Levine). With FIFO, knowing I've spent some LTBc, I'd say I took a loss. And I guess with the trends, we've probably, generally all had mostly losses.
There were some LTBc values established on exchanges at some point, though I'm not sure if there are records of those valuations.
How do we account for receiving LTBc in audience participation? In "payment" for writing article, etc.? How about all the other tokens that maybe are bought at auction in LTBc, then sold later for BTC or USD?
These just seem like some of many examples of the craziness. I remember talking to @thebitcoincpa in early days of LTBc, and he seemed to think most examples of token use I could think of were subject to accounting and reporting.
Anyway, more of a rambling vent then expecting answers. Brian, I had heard of the January effect, though my memory was fuzzy (just thought it had to do with tax loss selling). Are traders of altcoins thinking about about taxes? I would think many are not, but maybe that's an unfair assumption/judgement on people who actively trade alts… But it is a good idea, perhaps, for the more compliant traders, to balance out for realized Bitcoin gains (even with the price down off highs, I bet many have a FIFO cost-basis below when they perhaps bought alts or other things for BTC.
