Bitcoin and Crypto Talk (Merged) (3 Viewers)

El Caliente

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I wonder how much of that was folks needing to liquidate to cover taxes.
They say that $8bn in liquidation happened yesterday. China made some cash (China owns 70+% of all crypto…which is also why the Feds won’t back it).
 

DaveXA

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Indeed. As is catching a falling knife.

My dad, brother and I all were part of a team of advisors for a couple of years. Dad used that phrase a lot when the market was a mess in '07-'08. Good times, or not, lol.

The folks who made a killing were the ones who hung onto their portfolios and kept adding money during the downturn.

The ones who got burned usually were trying to time the markets and when the markets kept going down, they got frustrated and pulled out before it turned back around.

Fascinating watching how different people responded during that time. Sort of like fight or flight when people are facing a crisis. They do the same thing with investing.
 
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Brennan77

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My dad, brother and I all were part of a team of advisors for a couple of years. Dad used that phrase a lot when the market was a mess in '07-'08. Good times, or not, lol.

The folks who made a killing were the ones who hung onto their portfolios and kept adding money during the downturn.

The ones who got burned usually were trying to time the markets and when the markets kept going down, they got frustrated and pulled out before it turned back around.

Fascinating watching how different people responded during that time. Sort of like fight or flight when people are facing a crisis. They do the same thing with investing.

You haven't made or lost money until you pull it off the market. I only think long term, with the possible exception of Doge, which I really only wanted to use to pay for a playstation. hehe
 

El Caliente

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My dad, brother and I all were part of a team of advisors for a couple of years. Dad used that phrase a lot when the market was a mess in '07-'08. Good times, or not, lol.

The folks who made a killing were the ones who hung onto their portfolios and kept adding money during the downturn.

The ones who got burned usually were trying to time the markets and when the markets kept going down, they got frustrated and pulled out before it turned back around.

Fascinating watching how different people responded during that time. Sort of like fight or flight when people are facing a crisis. They do the same thing with investing.
Your father is a wise man. That was wild time.
 
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They say that $8bn in liquidation happened yesterday. China made some cash (China owns 70+% of all crypto…which is also why the Feds won’t back it).
I wouldn't be at all surprised if a decent percentage of that China money is actually offshore accts from here. I don't know exactly how that would work, but given how easy it is to have multiple wallets, one could theoretically have transactions under the limit for scrutiny allowing for some shady operation.

It would likely take an audit of bank activity to discover as well. Though it would be obvious unless spread to multiple bank accts over time as well.
 

superchuck500

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I got the "staking" approval from Coinbase. I can stake my ETH at 6% apy.

Basically it means that if I commit to hold my ETH, I'll get 6% on the balance until the upgrade to ETH 2.0 is complete, then I'm free to unstake.
 
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I got the "staking" approval from Coinbase. I can stake my ETH at 6% apy.

Basically it means that if I commit to hold my ETH, I'll get 6% on the balance until the upgrade to ETH 2.0 is complete, then I'm free to unstake.
I don't think you can roll back to regular ETH once you stake it. You'd have to sell and then rebuy unless I'm mistaken. IDK if they'll do a hard fork, but that might kill on taxes.

The thing I didn't consider until after conversion was tax implications. IDK if the conversion will be considered tax able. my preliminary research says no it won't be, but who knows what the IRS will say. The other thing to consider is if you can't sell, but get the 6%, you'll have to be able to pay the tax on gains for it out of pocket with no assist. Coinbase says it won't pay out until you can sell iirc so that might not be an issue.
 

superchuck500

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I don't think you can roll back to regular ETH once you stake it. You'd have to sell and then rebuy unless I'm mistaken. IDK if they'll do a hard fork, but that might kill on taxes.

The thing I didn't consider until after conversion was tax implications. IDK if the conversion will be considered tax able. my preliminary research says no it won't be, but who knows what the IRS will say. The other thing to consider is if you can't sell, but get the 6%, you'll have to be able to pay the tax on gains for it out of pocket with no assist. Coinbase says it won't pay out until you can sell iirc so that might not be an issue.

Correct, staking means you're committing to converting to ETH 2.0. I don't think IRS would consider the automatic upgrade as a sale of the ETH (generating a capital gain), but I don't know. I doubt IRS will issue any guidance on it, so you can probably just treat it that way and presume its fair (with very little chance of it being an issue).

The 6% would certainly be taxed as income like any interest. I think it becomes part of income (annualized) on the date of payment so if you don't get paid until it converts (and becomes free to trade), then it would be available to pay the tax.
 

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I got the "staking" approval from Coinbase.



Not cool... This is like when you get into the VIP room, only to realize there’s *another* VIP room beyond that.. then another one, and the only person in that one is Jack Nicholson.


I could never get approved for Binance, guess now i need to work on my bonafides for Coinbase.
 

itztime

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I got the "staking" approval from Coinbase. I can stake my ETH at 6% apy.

Basically it means that if I commit to hold my ETH, I'll get 6% on the balance until the upgrade to ETH 2.0 is complete, then I'm free to unstake.
I staked mine last week on Coinbase, note once you stake you cannot buy anymore. THOUGH, you can buy on Coinbase Pro, which if not already purchasing on Pro, you do save money with Pro and can set Limit buys also. CB Pro is ugly, though you can move your currency to CB for better aesthetics and move back to Pro before selling.

CB Pro
1621534643656.png

CB

1621534699632.png
 
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Kegger

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I thought I saw somewhere that transfers between wallets is a taxable event? Can anyone confirm?
 

itztime

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itztime

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I don't know if USDT is trustworthy, especially for large sums, but would moving into a tethered coin be a practical way to "cash out" without incurring taxes?
I don't believe it is trustworthy also, from what I understand if you move between wallets with the same coin its not taxable though if you move between wallets to trade for another coin it becomes taxable. At least that is what I read and understood on one of those Crypto blogs.
 

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