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J

johnjay06

VIP Member
Jul 22, 2011
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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....
dude, seriously thank you for commenting. I have never thought about it like this, but it makes so much damn sense. Celsius has very low loan rates. What platform do you use?
 
FlyingDragon

FlyingDragon

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Nov 4, 2010
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dude, seriously thank you for commenting. I have never thought about it like this, but it makes so much damn sense. Celsius has very low loan rates. What platform do you use?
Careful, u could be exposed when on these platforms. Some of these platforms will still require KYC procedures.....
 
J

johnjay06

VIP Member
Jul 22, 2011
418
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Careful, u could be exposed when on these platforms. Some of these platforms will still require KYC procedures.....
I'm OK with kyc since I'm taking a loan out instead of cashing out. Of course, finding cash instead would definitely be better for me, but I can't find shit where I live
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
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dude, seriously thank you for commenting. I have never thought about it like this, but it makes so much damn sense. Celsius has very low loan rates. What platform do you use?


I have used both BlockFi and Celsius and used crypto loans from both.

I also just got my BlockFi credit card. 3.5% rewards in BTC first 3 months, 1.5% after. Very cool to have.

I think Celsius is overall better, but having options is good. BlockFi, is US based and Celsius is UK. Both I feel pretty good about. Not considering Gemini.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
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Careful, u could be exposed when on these platforms. Some of these platforms will still require KYC procedures.....


KYC is part of it and just have to accept. I am not planning on trying to do anything illegal w/ crypto. In my opinion, you would have to be an idiot to do that. Crypto, regardless of what you do is the easiest of anything to track.

If you have substantial assets in crypto, bringing those into the system is inevitable. KYC AML is just part of it. At the end of the day I am ok paying taxes on gains. I will just use smart planning to minimize. I currently have 6+ figures in crypto loans (which I used to buy more crypto) and my interest on deposited crypto more than pays for those loans.

It is very nice to use.... I have taken out 4 loans. Using both Celsius and BlockFi. The last one I took, I went on my phone app and put in the amount requested. It was wired to my account the next day. KYC AML is necessary if you are going to use banks so I just accept that this is the best way forward. What good is having 10 mil in crypto if you cant spend it?
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
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Of course, finding cash instead would definitely be better for me, but I can't find shit where I live


Why is finding cash better? Unless you are just looking to get out of crypto all together. If you believe it is tulips than I agree.

But I believe crypto is here to stay. I think 100k btc is very likely this year, and 500k in the next 3. Next 10 yrs.... 1,000,000 is not out of question

Why would anyone sell if you can get a 1% loan on an asset that is appreciating 10-200x every year? You pay no gains, and you still have asset.
 
J

johnjay06

VIP Member
Jul 22, 2011
418
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Why is finding cash better? Unless you are just looking to get out of crypto all together. If you believe it is tulips than I agree.

But I believe crypto is here to stay. I think 100k btc is very likely this year, and 500k in the next 3. Next 10 yrs.... 1,000,000 is not out of question

Why would anyone sell if you can get a 1% loan on an asset that is appreciating 10-200x every year? You pay no gains, and you still have asset.
Well, defi right now has some bad ass interest rates and I was trying to stay off the feds radar. Plus I use the cash for shit I need around the house. I am going to look at celcius pretty damn hard. I actually have an account with them, I've just never used it. The 1% loan thing is insane
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
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Well, defi right now has some bad ass interest rates and I was trying to stay off the feds radar. Plus I use the cash for shit I need around the house. I am going to look at celcius pretty damn hard. I actually have an account with them, I've just never used it. The 1% loan thing is insane


I would never 'cash out' cryto to put money in my home. Again, an asset that has averaged 200x over 10 years to put money into your home you can get for a refi at 2.8-3%.

Or just use crypto lending and get the cash at 1%.

Maybe you got it a lot better than I do, but for me, I cant see me 'selling' crypto anytime soon. 1,000,000 is not enough to make me cash out.

If you really have a seven figure account, my advice is to move to 80% BTC and 20% eth and hold. Your 1,000,000 account is likely to be 3,000,000 by the end of the year and 5-7 mil in next few. Explain to me why you want to sell?.....
 
J

johnjay06

VIP Member
Jul 22, 2011
418
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I would never 'cash out' cryto to put money in my home. Again, an asset that has averaged 200x over 10 years to put money into your home you can get for a refi at 2.8-3%.

Or just use crypto lending and get the cash at 1%.

Maybe you got it a lot better than I do, but for me, I cant see me 'selling' crypto anytime soon. 1,000,000 is not enough to make me cash out.

If you really have a seven figure account, my advice is to move to 80% BTC and 20% eth and hold. Your 1,000,000 account is likely to be 3,000,000 by the end of the year and 5-7 mil in next few. Explain to me why you want to sell?.....
I have too much stables right now, been moving some in eth and btc for a few days now
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
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I have too much stables right now, been moving some in eth and btc for a few days now


Why would you keep money in stables? You realize that 95% he gains in BTC last year happened in only 10 days. Meaning if you had pulled out and missed any of those jumps, you lost out on significant gains. Maybe you are much better at predicting the market than others....but I have been active in crypto for 8 years and I would never keep my money in stable coins....
 
J

johnjay06

VIP Member
Jul 22, 2011
418
79
Why would you keep money in stables? You realize that 95% he gains in BTC last year happened in only 10 days. Meaning if you had pulled out and missed any of those jumps, you lost out on significant gains. Maybe you are much better at predicting the market than others....but I have been active in crypto for 8 years and I would never keep my money in stable coins....
Trying to be safe. I actually got lucky and predicted it well this time. I'm out now, all in btc and eth now. That and a couple of moon shot shit coins
 
J

johnjay06

VIP Member
Jul 22, 2011
418
79
You can get some damn good apy on stables on defi. 30+ percent on a million is a lot
 
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