Bitcoin

[johnr]

Whats this bitcoin you guys are yammering on about

 

[Enslow]

As long as you have to convert Bitcoin to the US dollar and pay a capital gain or income tax off an IRA the IRS and treasury won’t fight it . Why would they if you can turn a dollar into more and they get the tax?…

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The Bitcoin mining in China was a path to freedom from communism, that’s why it was outlawed over there IMO…

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Financial professionals will not support Bitcoin until they are able to earn off of it so they will always say no. I still don’t understand blockchain tech and don’t really care to i just look at what the IRS wants and that’s revenue.

 

[ndlongshot]

They dont have to convert back to US Dollar. Thats what crypto wallets are for. And why its a big deal that credit card companies and vendors like amazon are starting to accept as payment. When you pay directly with crypto you dont have to realize your gains.

 

[wjschmaltz]

I've been in crypto for several years and never had a taxable event. Get it onto decentralized exchanges. That's the whole point. When BTC tops out, I simply convert it into a stable coin such as USD coin or Tether and it puts it into a fixed value matched to the USD. So as other crypto is crashing, my money is locked in at a fixed value and it's still in crypto so I'm not taxed for "selling". That's why you need to own your keys and don't buy on places like Robinhood. Robinhood doesn't own crypto so you can't send it to another wallet and you can't convert it. Your only option is to hold it until you sell; which in turn creates a taxable event. People just don't understand this stuff and refuse to learn. It all makes sense when you put in the research and understand it. After a decade of people trying to poke holes into this technology, there is a reason crypto is still growing exponentially. It's a brilliant system. Take the red pill.

Financial institutions don't understand it yet, but they are coming fast. I promise you. I can stake my stable coins and lock them in at 8-10% APY. Some are more and as those emerge and become better tested, staking % across the board will keep increasing. Financial advisors have no option but to get on board or they won't exist in a decade. The whole point of being involved now is beating all that big money into the space!

ETH and BTC are pumping and it's still the beginning of the week when it typically likes to pull back. I personally think this is front running some sort of major news coming and big money with inside knowledge is locking in. I'm guessing the Grayscale ETF is coming very soon and word is out. I personally think the next couple of months are about to be absolutely wild.

 

[Phill Latio]

I've been in crypto for several years and never had a taxable event. Get it onto decentralized exchanges. That's the whole point. When BTC tops out, I simply convert it into a stable coin such as USD coin or Tether and it puts it into a fixed value matched to the USD. So as other crypto is crashing, my money is locked in at a fixed value and it's still in crypto so I'm not taxed for "selling". That's why you need to own your keys and don't buy on places like Robinhood. Robinhood doesn't own crypto so you can't send it to another wallet and you can't convert it. Your only option is to hold it until you sell; which in turn creates a taxable event. People just don't understand this stuff and refuse to learn. It all makes sense when you put in the research and understand it. After a decade of people trying to poke holes into this technology, there is a reason crypto is still growing exponentially. It's a brilliant system. Take the red pill.

Financial institutions don't understand it yet, but they are coming fast. I promise you. I can stake my stable coins and lock them in at 8-10% APY. Some are more and as those emerge and become better tested, staking % across the board will keep increasing. Financial advisors have no option but to get on board or they won't exist in a decade. The whole point of being involved now is beating all that big money into the space!

ETH and BTC are pumping and it's still the beginning of the week when it typically likes to pull back. I personally think this is front running some sort of major news coming and big money with inside knowledge is locking in. I'm guessing the Grayscale ETF is coming very soon and word is out. I personally think the next couple of months are about to be absolutely wild.

I feel like I need to hire you as my financial advisor!!!! so how do you invest in these without going through robinhood and such aps?

 

[Rowdie]

I've been in crypto for several years and never had a taxable event. Get it onto decentralized exchanges. That's the whole point. When BTC tops out, I simply convert it into a stable coin such as USD coin or Tether and it puts it into a fixed value matched to the USD. So as other crypto is crashing, my money is locked in at a fixed value and it's still in crypto so I'm not taxed for "selling". That's why you need to own your keys and don't buy on places like Robinhood. Robinhood doesn't own crypto so you can't send it to another wallet and you can't convert it. Your only option is to hold it until you sell; which in turn creates a taxable event. People just don't understand this stuff and refuse to learn. It all makes sense when you put in the research and understand it. After a decade of people trying to poke holes into this technology, there is a reason crypto is still growing exponentially. It's a brilliant system. Take the red pill.

Financial institutions don't understand it yet, but they are coming fast. I promise you. I can stake my stable coins and lock them in at 8-10% APY. Some are more and as those emerge and become better tested, staking % across the board will keep increasing. Financial advisors have no option but to get on board or they won't exist in a decade. The whole point of being involved now is beating all that big money into the space!

ETH and BTC are pumping and it's still the beginning of the week when it typically likes to pull back. I personally think this is front running some sort of major news coming and big money with inside knowledge is locking in. I'm guessing the Grayscale ETF is coming very soon and word is out. I personally think the next couple of months are about to be absolutely wild.

So if I have assets in Coinbase, and convert it to US$, do I have to pay any tax?

 

[wjschmaltz]

I feel like I need to hire you as my financial advisor!!!! so how do you invest in these without going through robinhood and such aps?

Coinbase, Kraken, Crypto.com, and BinanceUS are a few that are easy to set up and all allow you to send crypto. I think someone told me cash app does to. So buy it at any of those places. Robinhood doesn't own any crypto so they can't give you crypto to send to another wallet. You own a position on Robinhood. What I do is I have decentralized wallets. Download the wallet extensions on your lap top and WRITE DOWN THE SEED PHRASES AND PASSWORDS! Put those in a fire proof bag and in your gun safe and put duplicates in someone's safe that you trust (don't even tell them what it is) like a parent or kid. The wallet I use for almost everything is Exodus. Another wallet I use is MetaMask but that's only for buying other small projects. Send all your crypto to those wallets. (some projects are not supported by Exodus so I need to just keep them in coinbase. Not a huge deal to me as long as all my bigger plays are in my decentralized wallet.)

So if I have assets in Coinbase, and convert it to US$, do I have to pay any tax?

Yes, it's my understanding that even if you swap to a stable coin technically the trade is closed and is taxable. The difference is that coinbase is a centralized exchange so with the new laws, Uncle Sam may start to require exchanges like coinbase to submit that information. By using a decentralized wallet, its all private. For the record, I am NOT a tax professional and not suggesting tax avoidance. But that's how you would do it. Some day if you would ever want to convert crypto into fiat, simply send it from Exodus to Coinbase and then send it to the linked bank account. And it will be charged taxes at that point.

 

[Dirty]

I need a strong shot of whiskey before even starting to read this, and then possibly a different type of degree than the ones I ended up with to understand it.

 

[BP338]

I'm with Dirty...just take my money and give me more back...that's what I want...

 

[BrokenBackJack]

Does anyone know did the guy that forgot his password/passwords ever find it? He supposedly had quite a bit of coin in the account and was down to 1 or 2 more tries on his password before being totally locked out of it.

 

[You]

I've been in crypto for several years and never had a taxable event. Get it onto decentralized exchanges. That's the whole point. When BTC tops out, I simply convert it into a stable coin such as USD coin or Tether and it puts it into a fixed value matched to the USD. So as other crypto is crashing, my money is locked in at a fixed value and it's still in crypto so I'm not taxed for "selling". That's why you need to own your keys and don't buy on places like Robinhood. Robinhood doesn't own crypto so you can't send it to another wallet and you can't convert it. Your only option is to hold it until you sell; which in turn creates a taxable event. People just don't understand this stuff and refuse to learn. It all makes sense when you put in the research and understand it. After a decade of people trying to poke holes into this technology, there is a reason crypto is still growing exponentially. It's a brilliant system. Take the red pill.

Financial institutions don't understand it yet, but they are coming fast. I promise you. I can stake my stable coins and lock them in at 8-10% APY. Some are more and as those emerge and become better tested, staking % across the board will keep increasing. Financial advisors have no option but to get on board or they won't exist in a decade. The whole point of being involved now is beating all that big money into the space!

ETH and BTC are pumping and it's still the beginning of the week when it typically likes to pull back. I personally think this is front running some sort of major news coming and big money with inside knowledge is locking in. I'm guessing the Grayscale ETF is coming very soon and word is out. I personally think the next couple of months are about to be absolutely wild.

According to the IRS, conversion to another crypto is a taxable event.

 

[Up Y'oars]

I guess I'm not THAT worried about paying the 20% federal tax when I already profited $1,500 that had formerly made me $0.04 of interest at my bank's savings account. I profit $10k to $12k each year between crypto and personal stocks that are outside of my 401k, brokerage, ROTH IRA, etc. so it really becomes a moot point trying to go to the extremes of wallets, or keys, or seed phrases, or hiring a crypto genie, etc. I pay taxes just like the next guy and think, so what. I just no longer let the bank hold my money for close to zero ROI!

 

[wjschmaltz]

I guess I'm not THAT worried about paying the 20% federal tax when I already profited $1,500 that had formerly made me $0.04 of interest at my bank's savings account. I profit $10k to $12k each year between crypto and personal stocks that are outside of my 401k, brokerage, ROTH IRA, etc. so it really becomes a moot point trying to go to the extremes of wallets, or keys, or seed phrases, or hiring a crypto genie, etc. I pay taxes just like the next guy and think, so what. I just no longer let the bank hold my money for close to zero ROI!

It's not just taxes, it's security also. Basically every centralized exchange has been hacked. There is a story weekly of funds being stole off coinbase. Just this week Robinhood had a giant hack. You can't hack a decentralized wallet. I own the private keys and control how to access them and not some giant database. A wallet like exodus is more secure by orders of magnitude and extremely easier to set up and use than any of the centralized wallets that require KYC. I just don't understand why everyone is so opposed to learning this stuff. It's so simple and this space is blowing up with hackers that are getting better and better every minute. I'm just trying to help people keep their money safe from thieves, both online hackers and the ones in DC. No skin off my back whichever anyone decides.

 

[Aquaholic]

Warning to Newbies. We are in the 4Q of a bullish cyclical trend. If you study the bitcoin charts including all other coins, the probability of crypto rocketing up in the near short term future is high. With at least 30 -50% crash and the cycle starts over. Hopefully with higher lows and higher highs in the future do to the increase in public knowledge of crypto value. So, do not ape all in to bitcoin or Ethereum if you need the money in the short term. Or just dollar cost average in over time. Having said that. You may lose your chance of getting in the race before SEC allows traditional safe investments to dump into the market making it go to infinity and beyond.
This is not financial advice. I'm not an expert.

 

[Auggie]

 

[lunkerslayer]

 

[CatDaddy]

Almost time to buy!

 

[Sum1]

I have a strange feeling Bitcoin best days are behind it.

 

[lunkerslayer]

https://www.yahoo.com/news/biden-signing-order-cryptocurrency-explodes-110021459.html

 

[eyexer]

The house of cards is going to come tumbling down