What’s happening in blockchain?

What should you be thinking about?

What are we hearing from the regulators?

Join us for The Financial Transactions of the Future Economy(TM) Show and Podcast with The Our Shawn McBride ⭐️ 🌟💥 (aka R. Shawn McBride) and Dali Kranzthor, CPA, CVA, CFE. Shehan Chandrasekera, CPA joins us with an update.

Here is the YouTube video:  https://youtu.be/S6iUHYP4Byc

REMEMBER: More videos on the future economy are available at http://futuredoneright.com

Below is a machine transcript of the interview —

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Hey everyone is Dr. Sean, welcome to another edition of the financial transaction. The future economy. We’ve got an update on blockchain. We’re joined by she ends up in Washington.

 

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Who’s yes and he’s going to give us some updates and some information on what’s going on over there. So those, you don’t know us as well on the are shown on a corporate lawyer by training I help you with everything for ownership control management their business.

 

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Partnership Agreements mergers, all that type of stuff. I’m a CPA by trade, actually we have is triple CPA show my

 

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Family craft store is a fellow CPA x the CFO companies also is a CPA Certified Valuation Analyst and CFP Certified Fraud examiner

 

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She had is a CPA and he focuses a lot on the future tech space and also on taxation, so we’re all financial guys all around. We’re keeping a close eye on what the future is and what you drive in the future economy.

 

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Our promises a different

 

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Day. So some new ideas on blockchain. Hopefully some stuff you know much and other sources and give you some new ideas. I think

 

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About

 

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Remember we love your comments or drop them wherever you’re watching it are showing McBride Valley craft store.

 

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Economy YouTube channel. If you’re on. She has channel we read them off and we’re looking for the best comment of the week.

 

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We invite that person on the show as a guest so great opportunity to join in remind you we don’t do investment advice or legal advice on the show, consult your own advisors. Everything we do is just for your education so she had

 

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Even hanging around some blockchain folks, even here. What’s the news.

 

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Yeah, so I flew down to DC. I think that’s just a producer Washington la blockchain so me

 

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Right. It was good and then Saturday I was in a panel. I just spoke about, you know, what we do as a county for them. And who’s it looks, you know, lines. You know what we’re trying to do to that organization you’re trying to bring you know more exposure to tech entrepreneurs in Houston.

 

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And, you know, and some will do is every organizing and things like that. And then there were like good speakers, you know, ranging from, you know,

 

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locks in entrepreneurs to, you know, founders have made a coins and people coming from outside the country, and then also out of state out of DC or it was a good experience, you know, med lot of people and

 

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Currently, to go back to Houston.

 

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Yeah.

 

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That’s awesome. So, so what’s a little chilly there in DC.

 

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Or typical December late November early December, whether

 

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It is or like

 

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34 degrees. It’s not terrible. I’ve been in, you know, worse conditions, it’s it’s bearable. Yeah.

 

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So tell us what you’re seeing there. What was the energy like and what we what we hear from the other panelists and the other people. What, what’s, what’s new, what’s what’s happening.

 

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A lot of people are talking about, you know, the SEOs you know like icos seems like it’s it’s obsolete. It’s an absolute contemporary now, like, you know,

 

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Because I remember like in 2017 even like even months ago, you know, people call me and say, Hey, I wonder and raise money into an ICO because

 

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If other people are doing it, you know, why are we doing, but now the common consensus and well anybody you know both professional and unprofessionally than icos they don’t access raising money, you gotta go to the query right in the St around know that that was that was that was big.

 

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And everybody can agree that, you know, if you’re raising money either by by the rules. You know, you got to talk to us, etc etc and or the other regular regulatory authorities.

 

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Other than that, there were like lot of initiatives that that’s happening in the charity.

 

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Section, because I see a lot of these are built in the corners. They’re trying to use the blockchain technology to to raise awareness for charities.

 

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Do that. That’s another you know non basis aspect of things that I’m seeing here.

 

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Yeah, and I think, you know, the regulatory. What were you thinking about the regulation in the US and the overlapping jurisdiction or as I am about it.

 

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And be able to in very specific about it, you know, they were just having the conversations

 

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I met with a gentleman he, I think he relaxed ACC and he’s the consultant for the matrix. I mean, obviously it’s it’s it’s a major exchange and he was telling me that

 

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He’s consulting veterans and even other exchanges the new list coin, you know the the rigorous the documentation that you know the checklist. They are to go through to make sure that you’re not dealing with security and

 

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They’re still talking to sec and no other agencies about, you know what, what about the exchanges and coins.

 

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That are being listed right now. But should the lows be applied and corrective

 

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Things like that. Okay. Very interesting conversation.

 

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Yes, it’s very

 

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You know one thing I’ve hit on a show the SEC out a little bit of a SIP sub back this week. They had a case in California that they perhaps didn’t win as quickly as they thought they would the courts going to push them through the whole how we analysis of whether there is indeed a

 

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Security, so they’re going to have to

 

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Prove all the elements, including what the investors intended when they bought

 

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Their currency. That’s why the hard things right. You don’t know what an investor attention they buy they buying it to transact. Are they buying it for investment.

 

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And one of the one of the key tenants of being a security is that so it’s good to see this out there. The retroactive treatment is very interesting because it seemed like a lot of people that got

 

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Out there early part of our

 

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Fleet path was regulators jargon later and

 

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And we have no

 

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Yeah. Yeah, it’s good to me.

 

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You gotta, you gotta grab

 

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I was just gonna jump in there. So Jay Clayton was at the consensus invest on Tuesday. I think that was in New York. They were talking a lot about his speech, and he’s actually kind of

 

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hinted towards the idea that

 

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Here. But if you go and kind of talk to them now.

 

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Are starting to work through these they’ve already

 

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Gone through

 

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$250,000 fines.

 

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And they said, they’re going to continue this

 

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Process.

 

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On process, but you still need to be very aware if you know if you contact the SEC

 

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Early that it will help you in that process. So that’s up in the air. Caitlin mom was on a panel right after

 

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That actually said

 

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Know some of these no action.

 

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Do that.

 

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takes years and years and years. So you might be defending

 

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Yourself might be a lost cause.

 

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Actually kind of a debatable topic, but very interesting that

 

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You know, you’re seeing the same and that’s what Jake like

 

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You know, pretty much. Nice to 2017

 

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You’re

 

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Going to be subject to sec

 

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Yeah, I mean, I like it. Again, I think things are getting more clear. I mean, if you’re raising money to cover blockchain project, you know, 99.9% of time to tend to security, you should got to go to the you know the regular regular mail, you know, raising funds.

 

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So anyway, good and bad, I guess.

 

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So you

 

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Talked about doing a reverse

 

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Merger in the ICO space. I mean, because, you know, so if you do a typical ICO right you’re going to be an IPO situation guy got to get SEC blessing for us, anybody thought about

 

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You show me.

 

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Know issuing issue in securities and what would be the equivalent of a of a pipe and then registering of later. Is anybody talking about that.

 

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Now I think he did that. That didn’t, didn’t come into the to the contracts.

 

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Okay. I mean, that would be an interesting structure and why you you kind of would have some

 

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Guidance there. All right. Any if you’re doing, you know, an ICO to being an equivalent of an IPO.

 

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I don’t see

 

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Why you couldn’t do.

 

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On a coins and then go for illustration, you know, much like you were there first.

 

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Yeah, I don’t know about it. But from what I see the way things are happening is that, you know, you come up with some money through a private face.

 

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Like you said that money is enough to to get you to the MVP route and I’ll call you have the MVP. You just, you know, raise money through an SEO.

 

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And before you only a white paper just an idea was enough to raise money but but in this mark and you had to have an amazing MVP, and at least have some new shoes because the investors and you know just regular, non accredited investors.

 

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Getting more knowledgeable about the industry and the week so unless you have an MVP, like you’re not getting any money right now.

 

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Fair enough. Um, what other things came out of conference. What else are you seeing while you were there.

 

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I’m like I told you before, there was a lot of initiatives.

 

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Focused on charity know how you can use a blockchain technology to be increased charitable donations and things like that knows a gentleman called walk Robinson, who came from UK

 

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He has so many things going on, you know, stopping buddies coin thing. It’s been naked point

 

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Which has you know basis and also non business aspects to it so

 

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I was just stunning into, you know, any. In any event, like if you can combine the chatter. He and the basis that that’s a super good condition. And I think the East doing that. And he’s also collaborating with one of the Shot Show on ABC Shark Tank Kevin Harrington.

 

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Actually right now he’s giving $100,000 for for for the first successful pitch about, you know, what about their company. I think people are pitching right now.

 

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So yeah, it’s good to have those people, you know, coming from UK are we’re

 

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Yeah, no, I think this is an international game Dolly, we’re going to jump in.

 

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Yeah, just real quick. I mean, do people talk about that if we don’t streamline this all this regulation and process that we might start

 

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Losing these fundraisers.

 

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Start moving them all to Estonia Bermuda, you know, Virgin Islands, etc.

 

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They were in Tokyo everybody because I think the the amount of the speakers and the audience or I show in this

 

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In this event was very uniform, you know, they, they already knew the complexity, the intricacies of heavier having

 

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So they know that it’s a clear, you know, cut greens, you know, we just had to kind of navigate the complexity using the right now to show and it’s a case by case analysis, you know, I heard that ACC open up

 

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A new division. So it’s an established partnership and they see fit, you open a new new English is essential question so

 

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Yes, I think the regulation is getting clearer and clearer meaning St. Louis, regardless of, you know, regular fundraising event so

 

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That’s what I’m saying.

 

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Yeah, we definitely saw

 

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The SEC followed by the sea FTC to issue.

 

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Informational boredom.

 

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Time to

 

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Get information.

 

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Or get people

 

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While

 

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Also, I guess, need to toggle the discussion between people.

 

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Take away from your panel. You know, you saw panels helpful.

 

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Yeah.

 

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I think the panel. I think

 

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We just described. You know what we do. I mean, especially the tax season is coming up based axes isn’t going to be huge for people who have losses and I’m pretty sure if you

 

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Sold your position. He knows in 2018 we have a big tax losses that either you can hire us

 

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Especially considering the fact that cryptocurrency process is not suddenly Wash sales, you have more room to play so

 

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I was studying in their body. You know, we should do some tax planning and file your taxes, no matter what. Even if you don’t get a 1099 being

 

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Because I know I read an article recently that IRS is, you know, gathering this information to other you know private means, meaning that

 

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I don’t remember the vendor, but they’re using a vendor to track all these cryptocurrency gains and losses. So there’s going to be a matching system that’s going to come into the player to play in 2019

 

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So I was just saying that in India dependable.

 

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The other folks who was in his inbox in the lions. You know what we’re trying to do in Houston area.

 

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Because me and a few other individuals identified that Houston. These are very fragile economy concedes a real estate construction in oil and gas, but we see these

 

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On a lot of entrepreneurs, you know, we’re really good at blockchain startups and, you know, finding new ways of doing things. So

 

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We are in the process of, you know, leveraging other connections that we have built over the years and being them introducing

 

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And use blockchain his induction alliance Lyon as a platform to do you rent in arrays and banners maybe do some pitching events and things like that so

 

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You know, and we have a press event coming up in February of 2019 and August six, I’m sorry, April 6 2019 we’re going to collaborate with

 

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Wireless crypto guys and it’s going to be the biggest Bitcoin meetups flash conference in the US. So I’ll give you more information as we get closer to the day you

 

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Know, we’d love to get the information

 

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For

 

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Our viewers. Now that’s coming back on the show here a couple times between now and

 

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Then

 

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I did want to zoom in on that tax point. I think that’s great you know because

 

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General tax compliance is. Look, folks that matter.

 

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Report with IRS or not you have a duty to disclose essentially when you do your tax return or you have to track your transactions, you have to disclose your

 

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Income. That’s your job.

 

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And, you know, an interesting parallels are the

 

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Facebook’s

 

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Privacy.

 

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We’re tracking all of our other shows the UK regulators got a hold of a lot of privacy documents on Facebook through some private that

 

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He

 

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Was going on in California. So I was also looking for information. So

 

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They

 

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Don’t know where this information is going to slip out at right so every transaction. You’ve been in, there’s a counterparty and with various audits going on with litigation going on with all the other

 

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Stuff.

 

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Very likely.

 

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The IRS

 

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Some records related to

 

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Come back and looked

 

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At I think

 

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A lot of people always going to take this one.

 

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Transaction

 

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Wire sees one

 

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Link to you.

 

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Didn’t report it.

 

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With other parties and they may audit you completely because they saw the

 

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Report that one.

 

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It’s gonna be very easy to get lost again.

 

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Yeah, and I think the 2019 they’re likely to say it’s going to be the year of compliance mode primary markets in the secondary markets and

 

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Like Irish already dead to coin base, you know, they have the authority to you know get all the records if they want to. And I’m pretty sure they will because they’re losing so much tax revenue because people are not reporting this

 

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So they have incentives and like I said I was listening to. I brought another article. Sorry, I read another article about the new IRS commissioner and I think he increased the workforce, he’s focusing on the technology side of things. So things are changing. And I feel like between 19

 

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You know, the last year there was only I think 800 returns filed

 

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That report of cryptocurrency. And so, but in 2019, it has to be more than doubled even more. I mean, if the IRS, you know, starts scrutinizing these exchanges and, you know, other intermediaries.

 

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Yeah, I mean, with the with the millions of transactions that we can see just in the

 

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blockchain. Yeah, we know.

 

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That there’s like

 

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Likely much one

 

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800 800 may have been a 2016

 

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But

 

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Recording

 

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And the guy who came from 2014 so

 

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There should have been recorded in 14 1516

 

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You know now upset.

 

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A lot of reporting, so the IRS knows they got a problem there after it.

 

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dolly shot. So that brings up a wonderful point. So if they go back to an audit you in 2018 theoretically that could trigger a 2017 2016 audit and they could go all the way back to wherever

 

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This

 

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Limited with fraud five years.

 

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If there’s a significant difference in gross revenue recorded

 

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In about three years.

 

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What’s we’re all open up all three years plus she hand, you’re probably talking about fraud, you know, we had a we had a tax attorney on here Christie Lee, who does a lot of defense of

 

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People in and helps people people she doesn’t really do tax preparation very much but she prepares a legal strategy around people that have questionable situation.

 

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And she was very concerned about people certifying our tax returns when they don’t have all the information

 

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And so I think

 

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Radically you

 

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Say,

 

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You open up this one.

 

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Where one are

 

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Reported the virus finds out about it, they find out you didn’t record and now your

 

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potential fraud claim or, you know, some type of criminal penalty for perjury statements on your tax return.

 

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Yeah.

 

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I mean,

 

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My advice is, you know, just just report something i mean

 

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It’s, it’s not rocket science, you know, this is not like you know calculating the price and pricing or, you know, calculate a net investment income tax. He just, you know, simple capital gains and capital losses. So make sure you do it. I know there are platforms.

 

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That help you track these things so

 

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It’s just recorded

 

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We talked about that. Well, I think we have we have your friends coming on with with the bit tracker.

 

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They’re going to be joining us for an episode here working out date with them through around some scheduling stuff you know there’s resources like that out there. Of course, you can go back you know faction spreadsheet used, you know,

 

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daily average price for particular days you transact and you can reconcile this you can pull it back together the best of your ability, just get it done.

 

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Hey,

 

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Yeah.

 

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You had mentioned Wash sales don’t apply in this case. So, if you like, or on Coinbase, for instance, you want to lock in your loss for the year. You could theoretically, just go ahead and sell

 

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Today, and then re back button.

 

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Absolutely.

 

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That’s huge. And nicely. Most people would have to wait five days it’s five days right to wash

 

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It steady days before and after.

 

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So 30 days.

 

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Well, yeah.

 

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And I think the interesting part of this right is taking the IRS has taken the position.

 

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cryptocurrency

 

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Asset right then they use that for purposes of the reporting right and

 

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And for a 1031 exchanges of people trying to do so by taking that position means you can switch from one crypto to another crypto and not trigger

 

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Watch.

 

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Yeah, I mean, because I think the way the worship the ruin written. It says it’s applicable to stocks and securities.

 

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So I already saying that because it’s our properties. So based on God. You know, I guess that that

 

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Meaning of those terms. One could argue that, you know, more shells rules under the applicable and this is. That’s how

 

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All these you know coin collectors programs are written as well because I had this conversation with a bunch of guys. I’m like, why are you doing I’m playing. You know what shadows, because I know it’s a it’s sort of security.

 

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But taxpayers can abuse and

 

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You know, right now we don’t have clear rule. Yes, you know, practitioners and taxpayers. I think they have a right to be aggressive because they don’t have enough guns.

 

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Can, can you just explain what a wash sale is real quick for people that don’t know that are watching the episode.

 

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Yeah, so the wash sale ease. It’s basically

 

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If you sell a losing you know position that’s going to give you a loss and many few right up to sell it, then you buy the same thing.

 

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Diaries going to do. So a lot of that last because you just got disclose that position, just to create that loss. So there’s no economic substance behind it.

 

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Showed that said that’s a worshipper meaning like it. So the Santa Sally’s wash

 

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Is not going to make substances. So they were last on the return. Is this a lot because of that.

 

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Which is really, really interesting because this is the first time in history. Probably there’s a liquid completely 100% liquid asset.

 

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The with a huge market for buying sell orders that can be bought and sold them a matter of hours or minutes. Right. I mean, theoretically, so back. So I think audience. We’re gonna

 

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Make sure to call she can and work through these issues.

 

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Yeah, I think as long as we paid played, you know, within the rules and

 

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I don’t see anything wrong with that. And I know that none of practitioners are doing it. You know, there’s nothing wrong with being, you know, aggressive, you know one thing

 

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We abide by the rules.

 

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Yep. Well, um, she wants to tell folks how to get ahold of you and and also give them the information from your use of blockchain alliance. We think that’s an amazing project. We’ll talk more about road.

 

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But in case somebody see something else episode or reach out to us, given your contact info.

 

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Yeah, I guess I’ll give you my easiest way to reach out on telegram. I’m at blockchain CPA.

 

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And then for the Houston location, the lines, you know, the website is Houston launching the lines. We also looking for additional partners are I mean media partners like you guys and you know anybody who could add value to us.

 

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And yeah, if that’s the case, reach out to me as well. I’m pretty active on LinkedIn and Twitter. Twitter handle is she on 1212 I sent me a chain 12123 and then also catch me here.

 

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In this show.

 

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You like

 

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Yeah, good guest here so

 

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You can see, are you can see our past episodes where she hand along with other past episodes of futures online. COM. You’ll also see upcoming guests.

 

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For future

 

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Love your comments. So whatever you saw here whatever questions that

 

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Trigger, whatever.

 

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The low

 

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investment advice on the show so

 

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You know,

 

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Go talk to

 

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Girls.

 

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Or Saturday, Sean, I do it is

 

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Easier to act yourself a

 

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Good way of

 

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It is to feed yourself when

 

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You’re sitting on your couch, you know, go out there and watch all these videos pursue your dreams. Don’t think about them do them.

 

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Yeah. Fantastic. You’ll find me at

 

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Dr. Sean on

 

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LinkedIn. You’ll also find me on twitter dollies on LinkedIn and Twitter or daddy craft store.

 

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One, are you wants to

 

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Drive.

 

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We looking for a handful

 

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Of motivated individual

 

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Mutual economy, there’s opportunities to work with.

 

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Calm.

 

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I remind you, our past videos.

 

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Com.

 

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But also

 

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Through our mailing list.

 

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Finally, I just want to congratulate.

 

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Everybody

 

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Doing the hard work to

 

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Build their future, Pat.

 

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Yourself on what

 

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You’re doing the right stuff come back and

 

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See

 

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You guys

 

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Next year

 

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You will get will get Broke Guys 7am 10am 2pm every day. We’ll see you soon.

 

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