Dragonchain launching DragonDen soon: A fully operational crypto aware community forum on the blockchain.
It has been quite a busy August for the guys at Utrum as their Development Team made major strides in several important areas including Utrum Blockchain in terms of Wallet Functionality and Design as well as Utrum Rewards and “HODL” Features. The Utrum Platform (Alpha build) also recorded some major improvements in the areas of Data Aggregation and Api Functionality, Architecture and Framework, Database Design and UI Design.
Still in August, two new back-end developers, [Anshu Kumar](https://www.linkedin.com/in/anskumar/) and Divyang Hirpara, joined the team. They are now hard at work tying together the back and front ends of Utrum Platform Alpha. Anshu and Divyang come with over 11 years of combined experience in backend development, Ruby, and database design. As the team grows so does the excitement, with progress being ramp’d up on all fronts, blockchain, wallet and Alpha.
If the IRS would just use an ounce of common sense, I think they would see how straightforward this tax approach is to cryptocurrency.
Here is what the law should be: Once you have cashed out more USD than you have invested, you pay capital gains tax on all the profit that has been cashed out.
Example: You invest 5k in crypto, and now it’s worth 12k. You then cash out 4k to USD. You don’t pay any taxes, because this is still less than your original investment. You then cash out an additional 2k to USD. Now, you have cashed out 1k more than your original investment, so you pay capital gains tax on that 1k. Simple, right? What do all of you think?