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Cryptocurrencies

danrojigga

danrojigga

Rottens Pimp
May 24, 2011
901
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Bitcoin leverage trading can also be nuts its so volitale that you can make a killing
 
J

johnjay06

VIP Member
Jul 22, 2011
404
70
Crypto is crazy especially defi. There are guys out there that have turned 800 into over a million in several months. So much money to be made.
Just saw this thread. I turned 6k into a million this year. Wish I could find a local btc broker to sell for cash. My plan is to just pay long term gains when I cash out. Right now all my wallets are in defi, nothing leads to me. I'd love to know how these sources cash out
 
FlyingDragon

FlyingDragon

VIP Member
Nov 4, 2010
3,780
1,987
Just saw this thread. I turned 6k into a million this year. Wish I could find a local btc broker to sell for cash. My plan is to just pay long term gains when I cash out. Right now all my wallets are in defi, nothing leads to me. I'd love to know how these sources cash out
There are cash buyers who will charge upto a 30% haircut to swap btc for cash
 
danrojigga

danrojigga

Rottens Pimp
May 24, 2011
901
177
Just saw this thread. I turned 6k into a million this year. Wish I could find a local btc broker to sell for cash. My plan is to just pay long term gains when I cash out. Right now all my wallets are in defi, nothing leads to me. I'd love to know how these sources cash out
I’ve made about 200k started with about 2k. I sold shib and leash too early I would have made well over a million.
 
J

johnjay06

VIP Member
Jul 22, 2011
404
70
I’ve made about 200k started with about 2k. I sold shib and leash too early I would have made well over a million.
I'm still pretty heavy in the yield farming stuff right now. A few new chains coming in the near future, some good opportunities out there.
 
HDH

HDH

TID Board Of Directors
Sep 30, 2011
2,289
1,279
Just saw this thread. I turned 6k into a million this year. Wish I could find a local btc broker to sell for cash. My plan is to just pay long term gains when I cash out. Right now all my wallets are in defi, nothing leads to me. I'd love to know how these sources cash out
I just bought $10,000 a couple weeks ago when it hit $32,000. I know $10,000 doesn't put a dent into a mil but cash is cash, lol. It cost me $200 (2%) for the bank transfer. Hell I would have been happy trading dime for dime.

Man, I will start by saying I don't know a whole lot but I may be able to suggest a cashing out method. I don't know if this will work or not but if it does, you may be able to cash out with little taxes.

I'm doing as much research as I can. I started at coinbase because of the many different cryptos they offer for exchange. It's my understanding, and please double check into this process I have going in my head (lol) , if you open up an account there and transfer coin into it, you may be able to cash out almost immediately with it and pay out practically nothing. They work with coin tracker which can print you up your profit and loss for your taxes.

Lets say you transferred $100 and then cashed it out. The taxes you would owe would only be if you made money on the $100 . Of course there would be some kind of cash out fee.

It seems like it would work but how much could you do without looking like you are laundering money would be the question. Or, how hard are they looking at that stuff?

It would definitely be worth looking into, even for small cashouts.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,818
1,380
I dont plan on ever selling crypto. Why sell an asset that might continue to appreciate MUCH faster than inflation.

If you really do have 7 figures in crypto, just use Celsius or Block Fi. w/ 20% LTV you can get money for 1% interest and the event is non-taxable. Crypto will outpace the 1% and you can continually re-fi over the years.

Lots of guys seem to be crypto millionaires. I have been in this since 2013 and I have a BTC wallet that puts me in the top .02% of address holders and I have not hit 7 figures...but almost did. I think it will happen this year, but no way I am selling. IF...IF this goes, 10 years from now, btc will easily be 1,000,000 or more. I am risking it on go big or go home....
 
Tuffoldman

Tuffoldman

VIP Member
May 23, 2011
900
548
I have bought and sold BTC on cash app. 2 years ago I got a 1099 from them but last year for 2020 I did not get one. I contacted the company and after about 15 emails back and forth I finally got a message saying that they do not send out 1099s anymore and is up to me as the purchaser and seller to keep track of games and losses and I have to just figure it out on my taxes. From what I understand they aren't sending anything to the government because then they become part of the transactions and then they are liable for any mistakes. That's probably not wording it the exact way it should be but that's basically what my CPA told me. He said since crypto coins are very volatile and they change every second and there's no Central exchange he said that they can become somewhat liable if they give you wrong information on a 1099. He said now that may change this year next year the following year the government may require every exchange to send out 1099s but he said right now most are not because it's a lot of paperwork for them to do and very easily to make a mistake. Way above my pay grade I'm just trying to hold on to what I have for at least a year so I don't have short-term capital gains and wind up paying twice as much tax
 
J

johnjay06

VIP Member
Jul 22, 2011
404
70
I dont plan on ever selling crypto. Why sell an asset that might continue to appreciate MUCH faster than inflation.

If you really do have 7 figures in crypto, just use Celsius or Block Fi. w/ 20% LTV you can get money for 1% interest and the event is non-taxable. Crypto will outpace the 1% and you can continually re-fi over the years.

Lots of guys seem to be crypto millionaires. I have been in this since 2013 and I have a BTC wallet that puts me in the top .02% of address holders and I have not hit 7 figures...but almost did. I think it will happen this year, but no way I am selling. IF...IF this goes, 10 years from now, btc will easily be 1,000,000 or more. I am risking it on go big or go home....
I have a account on crypto.com that I use for their badass debit card rewards. My only hang up is that I now have right at a million bucks in crypto, that'll probably draw a red flag when I deposit? I guess I could always run it through tornado and say that I had that since the beginning. The loan idea is actually not a bad idea at all. I have never thought about it like that
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,818
1,380
nly hang up is that I now have right at a million bucks in crypto, that'll probably draw a red flag when I deposit? I guess I could always run it through tornado and say that I had that since the beginning. The loan idea is actually not a bad idea at all. I have never th
Block Fi and Celsius both offer interest as well.

6.2% and 3.somthing after first 2 BTC. So you are getting 3+% interest paid in BTC. You will have to claim the gains on the interest.

As for the crypto you have, just deposit it and get main stream. As long as you have never 'sold', there is nothing illegal about holding crypto. If you traded on defi, there is no way to know.... just go mainstream. Start claiming your gains as you receive interest. (I am getting 30k+ in interest paid in BTC on Celisus).

Never sell....just borrow against. Non-taxable and why 'sell' something that is making 200% annual gains. Even if it slows down over the next 10 years to 10-20%. Just borrow at 1% and never get hit w/ capitol gain....
 
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