MISC Crypto Crew (MCC) Vol: XIII: Money printer goes brrrrrr, But Bitcoin doesnt

[Bluestar92]

Did you just cash out? From how many coins? How do you plan on handling taxes since it’s your initial investment but looks like profit to the banks/exchange etc.

Always like to hear others plans for the inevitable tax $

I moved some profits to usdc. Don’t really want to discuss how much but of course I will be paying any taxes I owe.

[Horse86]

I moved some profits to usdc. Don’t really want to discuss how much but of course I will be paying any taxes I owe.

No I’m not asking for actual amounts.

So you did pull out some profits too then. Yea I was curious how you were handling if you only pulled out your initial investment. In theory you shouldnt have to pay any taxes on removing your investment but your bank and exchange might consider this money “gains” once it’s cause out to USDC or removed from the exchange and hits your bank (and what their cut).

[Luc1fer]

No I’m not asking for actual amounts.

So you did pull out some profits too then. Yea I was curious how you were handling if you only pulled out your initial investment. In theory you shouldnt have to pay any taxes on removing your investment but your bank and exchange might consider this money “gains” once it’s cause out to USDC or removed from the exchange and hits your bank (and what their cut).

I’d treat all my crypto transactions as separate lots. Ie buy 10 tokens, sell 10. File to gain or loss. You have to assign the proceeds to some lot/s to establish cost basis.

Even if you trade BTC for USDC, it’s a taxable event.

[StevieSparkZ]

I’d treat all my crypto transactions as separate lots. Ie buy 10 tokens, sell 10. File to gain or loss. You have to assign the proceeds to some lot/s to establish cost basis.

Even if you trade BTC for USDC, it’s a taxable event.

This is correct, trades between coins are taxable events.

A common misconception is that you only pay taxes when you cash out, this is incorrect.

Crypto trades are a taxable event.

Non stable coin to stable coin and etc.

[juvefan]

Criticisms of this? https://www.researchaffiliates.com/e...net-money.html




"Tether is currently being sued by some investors who allege that no one is actually buying USDT from Tether Limited, but are minting USDT out of thin air, bypassing the supposed one-to-one (USDT/USD) backing (Mizrahi, 2019). They further allege that agents for Tether then use USDT to buy Bitcoin (and select other cryptocurrencies in favor with Tether) on exchanges, such as Bitfinex and Binance, that offer trading on the BTC/USDT pair. This action pushes up the price of the BTC/USDT pair. Because USD/USDT trades at dollar parity, the price is arbitraged on exchanges that trade the BTC/USD pair. Tether’s agents can then sell the BTC for USD and deposit them into the Tether bank account in case of audit and Tether could claim the USD were always there."

Tether will fuk us all

[Horse86]

Even if you trade BTC for USDC, it’s a taxable event.

This is true.

I can’t be arsed to calculate all of it so I use an app (coin tracker) and will be using that for taxes.

However you will be paying taxes on the gains even if it is less that the total amount you invested....meaning you’re paying taxes up to your initial investment which I’ve always considered to be BS bc you should only be taxed on the amount above your investment....you’ve already paid taxes on the money you invested.

[DavidL913]

f u c k i n g uniswap such a POS

[Luc1fer]

This is true.

I can’t be arsed to calculate all of it so I use an app (coin tracker) and will be using that for taxes.

However you will be paying taxes on the gains even if it is less that the total amount you invested....meaning you’re paying taxes up to your initial investment which I’ve always considered to be BS bc you should only be taxed on the amount above your investment....you’ve already paid taxes on the money you invested.

Not sure what you mean, you only file the capital gain or loss.

The rest comes down to shifting cost basis, but it all works out the same in the end.

[KingKringe]

prq headed to 2 dollars now holeee fuk

[broseidon]

Not looking forward to taxes. Luckily I don't trade and can easily show coins going in 3 years ago lol.
Do you guys pay estimated taxes for your gains? I was planning on cashing out a small % in future and dealing with the 3% penalty next year

[SKBeast]

Not looking forward to taxes. Luckily I don't trade and can easily show coins going in 3 years ago lol.
Do you guys pay estimated taxes for your gains? I was planning on cashing out a small % in future and dealing with the 3% penalty next year

Drop the chest routine brah ded srs

[StevieSparkZ]

Not looking forward to taxes. Luckily I don't trade and can easily show coins going in 3 years ago lol.
Do you guys pay estimated taxes for your gains? I was planning on cashing out a small % in future and dealing with the 3% penalty next year

I just download everything from Coinbase and plug the documents into Turbo Tax.

[phillyfreak7]

Can always tell those who aren’t doing dickk in this market.

Keep reaching for the moon. Either way, last response to stupid posts like this. I’m all for talking diff strategy with anyone who has a clue and experience. No ones right or wrong in this market.

You can. The guy who sold because Trump lost is it

[jamalfudge]

Tether will fuk us all

I'm sure if it falls scared money will dump the market, but in the long run a bunch of that money will end up back in BTC.

[juvefan]

I'm sure if it falls scared money will dump the market, but in the long run a bunch of that money will end up back in BTC.

Tether is probably double dipping in btc.

- exchange asks for $100m in tether
- tether prints 100m tether
- exchange distributes tether to users
- users buy btc with tether, price goes up
- tether buys btc with $100m, btc goes up

So technically a lot of the money doesnt even exist

[eternalone423]

Tether is probably double dipping in btc.

- exchange asks for $100m in tether
- tether prints 100m tether
- exchange distributes tether to users
- users buy btc with tether, price goes up
- tether buys btc with $100m, btc goes up

So technically a lot of the money doesnt even exist

Sounds like a GTA 5 online hack lol

[chalup]

Real question

Thoughts on dumping all of my stock like apple, boeing, cheesecake factory etc into crypto

Ive been seriously thinking about this .

But then in the back of my head i just think about why warren buffet doesnt get into crypto

This is me too. I need to dig deeper into it. The fees are coinbase are retarded and it looks like I’d need a 3rd party app to notify me of price points. Also swings a lot harder and quicker. But it just KEEPs going up and I know 100% the market is set for a deep reset within 6 months. With hyper inflation on the way I really think I need to pull out and go balls deep into crypto. Looking at eth link and rest in btc on any 10% dips. Is there any other app that has less fees than coinbase? Literally 100 dollar fee to buy 2500 of link. That’s stupid high.

[Vinsanity15]

This is me too. I need to dig deeper into it. The fees are coinbase are retarded and it looks like I’d need a 3rd party app to notify me of price points. Also swings a lot harder and quicker. But it just KEEPs going up and I know 100% the market is set for a deep reset within 6 months. With hyper inflation on the way I really think I need to pull out and go balls deep into crypto. Looking at eth link and rest in btc on any 10% dips. Is there any other app that has less fees than coinbase? Literally 100 dollar fee to buy 2500 of link. That’s stupid high.

You can try CoinbasePro. If you have a coinbase account you can easily make one on there too. The fees are much cheaper. I just looked and $2500 of LINK has a fee of 12.50 on there. You can easily transfer money/coins between coinbase and coinbasepro as well if you prefer the interface of coinbase but the better fees on pro.

[Autumnal]

This is me too. I need to dig deeper into it. The fees are coinbase are retarded and it looks like I’d need a 3rd party app to notify me of price points. Also swings a lot harder and quicker. But it just KEEPs going up and I know 100% the market is set for a deep reset within 6 months. With hyper inflation on the way I really think I need to pull out and go balls deep into crypto. Looking at eth link and rest in btc on any 10% dips. Is there any other app that has less fees than coinbase? Literally 100 dollar fee to buy 2500 of link. That’s stupid high.

Use Coinbase pro, I think deposits are free. The trading fees are still 0.5% per trade which is trash, I transferred to Binance US because it’s 0.075% without BNB discount.

[newbodybuilder2]

Just sold my BTC. Dump incoming, Satoshi Nakamoto just moved some BTC out from a tulip trust account. Trending on twitter

[jBrahh]

Just sold my BTC. Dump incoming, Satoshi Nakamoto just moved some BTC out from a tulip trust account. Trending on twitter

Link to trending tweets? Fake news? Lol.

[newbodybuilder2]

Link to trending tweets? Fake news? Lol.

https://twitter.com/greenapplewater/...594060801?s=19

[jBrahh]

https://twitter.com/greenapplewater/...594060801?s=19

Just an FYI to anyone else in here -- wouldn't trust/click ANY link from that URL.

[lordpatrick]

Just an FYI to anyone else in here -- wouldn't trust/click ANY link from that URL.

It's safe, it's blockchair.com , but that's not satoshi's wallet though

[ghostfacedup]

Just sold my BTC. Dump incoming, Satoshi Nakamoto just moved some BTC out from a tulip trust account. Trending on twitter

Bruh, you don't sell like that. Too reactionary

[Rajc]

will ETH ever go to $1.5k boyos?

[entropy91]

Just sold my BTC. Dump incoming, Satoshi Nakamoto just moved some BTC out from a tulip trust account. Trending on twitter

Are you retarded or just trolling?

[StevieSparkZ]

Are you retarded or just trolling?

Anyone still holding Aave?

[entropy91]

Was uniswap twitter hacked? Look at their pinned message and the URL


https://mobile.twitter.com/UniswapUNI

Edit wtf there's 2 uniswaps, this is weird af

https://mobile.twitter.com/UniswapProtocol


Edit 2:

Ahhh looks like they used an old twitter and changed it around to scam people lol. Too early for this ****

[W1LLW]

Saw this article and immediately got a chuckle out of PiimpC likely punching the air reading such a headline.