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Forum » MISC Crypto Crew (MCC) Vol: XIV: Scaling troubles and NFT bubbles
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Thread: MISC Crypto Crew (MCC) Vol: XIV: Scaling troubles and NFT bubbles

post 1638196883 05-10-2021, 08:06 AM
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#2521
  1. Titansfan08
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  1. Titansfan08
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Bro bought $14k worth of shib about 3 months ago, sold for double. Would be like 50 mil today, lmao. He always holds too which is unusual of him. If he does sell he keeps 10% and he didn't even do that.
post 1638196953 05-10-2021, 08:07 AM
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#2522
  1. eternalone423
  2. The Jarl
  1. eternalone423
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Originally Posted By Titansfan08⏩
Bro bought $14k worth of shib about 3 months ago, sold for double. Would be like 50 mil today, lmao. He always holds too which is unusual of him. If he does sell he keeps 10% and he didn't even do that.
Holy chit. Retirement money

I'm gonna leave my money in there for at least 30 days
☼ "Don't stop. Never quit. No excuses." ☼
PAD ID: Lux@BB/PF 359,050,270

Motorcycle crew
BMW crew
Cryptocurrency crew
post 1638196963 05-10-2021, 08:08 AM
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#2523
  1. awilll
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  1. awilll
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Originally Posted By Edged123⏩
My bank account is starting look nice from taking profits. I just don't know what to put the money into rn. I already have a good chunk in stocks and I don't feel comfortable dumping more into crypto other than to swing trade
Are you in the US? You worried about tax implications of taking profits into a normal bank account? It's too intimidating to have to worry about that so I still haven't done it.

Also can anyone tell me what the PancakeSwap coin does? Is it their version of BNB? Just used their website for the first time to get LOGE but didn't see the coin itself being used anywhere in the transaction.
post 1638197803 05-10-2021, 08:23 AM
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#2524
  1. Edged123
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Originally Posted By awilll⏩
Are you in the US? You worried about tax implications of taking profits into a normal bank account? It's too intimidating to have to worry about that so I still haven't done it.

Also can anyone tell me what the PancakeSwap coin does? Is it their version of BNB? Just used their website for the first time to get LOGE but didn't see the coin itself being used anywhere in the transaction.
Every time you execute a transaction you're liable for taxes. A lot of my profits were from over a year ago so it's long-term capital gains anyways
post 1638198343 05-10-2021, 08:29 AM
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#2525
  1. lntense
  2. Ð
  1. lntense
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Originally Posted By entropy91⏩
I'm in this same position. On one hand holding any more cash is pretty retarded, on the other everything is in a bubble.

Good problem to have tho lol
Vanguard if it dips lol
post 1638199083 05-10-2021, 08:40 AM
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#2526
  1. awilll
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Originally Posted By Edged123⏩
Every time you execute a transaction you're liable for taxes. A lot of my profits were from over a year ago so it's long-term capital gains anyways
Even coin to coin trades? Wow I bet no one has kept track of all that. I was thinking it was only coin to USD transactions but it must be even coin to coin trades where you make a profit?

So have you reported anything to the IRS yet for what you've taken out of crypto? Sounds like a huge headache.
post 1638199383 05-10-2021, 08:45 AM
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#2527
  1. entropy91
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  1. entropy91
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Originally Posted By SomeGains⏩
You can always put money into precious metals
I'm already stacked the **** up and the premiums on top of inflated prices are making it not worth it. Everything is constantly sold out.
post 1638199503 05-10-2021, 08:47 AM
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#2528
  1. entropy91
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  1. entropy91
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Originally Posted By awilll⏩
Even coin to coin trades? Wow I bet no one has kept track of all that. I was thinking it was only coin to USD transactions but it must be even coin to coin trades where you make a profit?

So have you reported anything to the IRS yet for what you've taken out of crypto? Sounds like a huge headache.
Lmao you sound like an undercover IRS agent.

"Wow I bet no one has kept track of all that....right guys?"
post 1638199653 05-10-2021, 08:49 AM
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#2529
  1. entropy91
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Originally Posted By lntense⏩
Vanguard if it dips lol
I'm already balls deep in index funds. I know the equities market can't keep going like this.
post 1638199813 05-10-2021, 08:51 AM
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#2530
  1. LtGoose
  1. LtGoose
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Originally Posted By awilll⏩
Even coin to coin trades? Wow I bet no one has kept track of all that. I was thinking it was only coin to USD transactions but it must be even coin to coin trades where you make a profit?
You have to pay taxes in any of these instances

- Selling your crypto for cash

- Trading one cryptocurrency for another cryptocurrency

- Using cryptocurrency at a merchant as payment (for those who use crypto debit cards, this applies to you as well)

- Buying an NFT with crypto.

- Receiving airdropped tokens resulting from a hard fork

- Staking or mining cryptocurrency

- Getting paid in crypto.
post 1638200743 05-10-2021, 09:03 AM
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#2531
  1. NinjaBoots
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Don't forget that if you owe the government too much (More than $3,500?....I forget what the limit is) there's an additional penalty on top of that. So pay as you go if you're smart.
post 1638201283 05-10-2021, 09:12 AM
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#2532
  1. dankydank
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Every market is completely fuked in Bidens America. Memecoins are dragging down the entire cryptomarket. Stock market is even more clown than crypto right now.
post 1638201503 05-10-2021, 09:15 AM
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#2533
  1. entropy91
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Originally Posted By NinjaBoots⏩
Don't forget that if you owe the government too much (More than $3,500?....I forget what the limit is) there's an additional penalty on top of that. So pay as you go if you're smart.
U wot m8
post 1638201833 05-10-2021, 09:20 AM
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#2534
  1. entropy91
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  1. entropy91
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Originally Posted By dankydank⏩
Every market is completely fuked in Bidens America. Memecoins are dragging down the entire cryptomarket. Stock market is even more clown than crypto right now.
Even used cars are mooning
post 1638201933 05-10-2021, 09:22 AM
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#2535
  1. juvefan
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Originally Posted By LtGoose⏩
You have to pay taxes in any of these instances

- Selling your crypto for cash

- Trading one cryptocurrency for another cryptocurrency

- Using cryptocurrency at a merchant as payment (for those who use crypto debit cards, this applies to you as well)

- Buying an NFT with crypto.

- Receiving airdropped tokens resulting from a hard fork

- Staking or mining cryptocurrency

- Getting paid in crypto.
You dont have to pay taxes in any of these instances

- Leaving the country and moving to Mexico

- Leaving the country and moving to thailand

- Leaving the country and moving to Bali
$0 or $1 million crypto crew
Ex-OMG crew
post 1638202863 05-10-2021, 09:36 AM
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#2536
  1. NinjaBoots
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Originally Posted By entropy91⏩
U wot m8
https://www.creditkarma.com/tax/i/wh...ayment-penalty
post 1638203393 05-10-2021, 09:48 AM
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#2537
  1. entropy91
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Originally Posted By NinjaBoots⏩
https://www.creditkarma.com/tax/i/wh...ayment-penalty
Looks like it's about 3.5% which isn't too bad, but still absolutely atrocious. I'm really tired of constantly shelling out money for these cocksuckers. Not sure how I've missed this b4.

Inb4 retroactive bill with years of interest tacked on.
post 1638203513 05-10-2021, 09:49 AM
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#2538
  1. LexBrah
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Just put £250 x 4 ways in to Chainlink, Cardano, Poly and LTC as some moonshots ayy.

Still riding the ETH tsunami. Bought in at ~£1800 - so its been a good ride so far.

Majority holding in BTC. Gonna skim off the profits of the others and hold into btc.
post 1638203883 05-10-2021, 09:56 AM
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#2539
  1. dawktwenty
  2. 007
  1. dawktwenty
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Originally Posted By LtGoose⏩
You have to pay taxes in any of these instances

- Selling your crypto for cash

- Trading one cryptocurrency for another cryptocurrency

- Using cryptocurrency at a merchant as payment (for those who use crypto debit cards, this applies to you as well)

- Buying an NFT with crypto.

- Receiving airdropped tokens resulting from a hard fork

- Staking or mining cryptocurrency
Right but if you buy a coin JUST to convert it to something else, I guess you don't owe taxes on that..since it didn't really change in price when you went crypto to crypto.
PHILLIES/EAGLES CREW
{} MFC {}
post 1638205573 05-10-2021, 10:23 AM
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#2540
  1. LtGoose
  1. LtGoose
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Originally Posted By juvefan⏩
You dont have to pay taxes in any of these instances

- Leaving the country and moving to Mexico

- Leaving the country and moving to thailand

- Leaving the country and moving to Bali
Das it mane, das it right there
Originally Posted By dawktwenty⏩
Right but if you buy a coin JUST to convert it to something else, I guess you don't owe taxes on that..since it didn't really change in price when you went crypto to crypto.
I am aware that transferring your coins from one exchange to another isn't taxable, like moving your money from Bank of America to Chase (tolls and fees may apply tho).

Also just HODLing crypto isn't taxable until you try to cash out

If you want to buy DOGE but your exchange doesn't have it, let's say you buy BTC instead. Move the BTC to a different exchange and then sell the BTC for DOGE..............I think this counts as "trading one cryptocurrency for another cryptocurrency".

Here is my sauce material if anyone is interested:
https://www.coindesk.com/how-to-file-your-crypto-taxes

Spoiler!
LtGoose's Posts have been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
post 1638206283 05-10-2021, 10:34 AM
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#2541
  1. dawktwenty
  2. 007
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Originally Posted By LtGoose⏩
Das it mane, das it right there

If you want to buy DOGE but your exchange doesn't have it, let's say you buy BTC instead. Move the BTC to a different exchange and then sell the BTC for DOGE..............I think this counts as "trading one cryptocurrency for another cryptocurrency".
I understand if you buy say $200 in ETH, and keep it for a little, and it's now worth $1000. You then use that ETH to buy BTC....you owe taxes on the $800 you made on the ETH.

But in the case you just stated, like buying BTC just for doge...I mean if you literally buy BTC, move it to a different exchange and buy doge with it..you would only be taxable for any amount the BTC increased in value in those few mins...lol right? So basically nothing...
PHILLIES/EAGLES CREW
{} MFC {}
post 1638207153 05-10-2021, 10:48 AM
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#2542
  1. BetaAsPhuck
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Originally Posted By juvefan⏩
You dont have to pay taxes in any of these instances

- Leaving the country and moving to Mexico

- Leaving the country and moving to thailand

- Leaving the country and moving to Bali
You will still need to pay tax in all of of those countries, because your tax residency doesn't change immediately when you leave the country.

Not only does it take approx 183 days living in the country, a bank account, and an address, but those countries don't have zero capital gains tax. Bali in particular seems to be cracking down on immigrant tax evaders.

To no pay Tax in Thailand you will need to have an offshore bank account, and not transfer the money from crypto into a Thailand for a year.
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post 1638208793 05-10-2021, 11:09 AM
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#2543
  1. im2manly
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Got damn it I bought some shiba
post 1638209393 05-10-2021, 11:18 AM
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#2544
  1. RobParks2M
  2. mad hatter
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Originally Posted By juvefan⏩
You dont have to pay taxes in any of these instances

- Leaving the country and moving to Mexico

- Leaving the country and moving to thailand

- Leaving the country and moving to Bali
Lmfao if you think the pennies you'll save is worth revoking your American citizenship.
Fitness connoisseur
0.4 mg of party's over wake the FK up!
"the personification of greatness"
post 1638209503 05-10-2021, 11:20 AM
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#2545
  1. OrdoAbchao
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Originally Posted By BetaAsPhuck⏩
You will still need to pay tax in all of of those countries, because your tax residency doesn't change immediately when you leave the country.

Not only does it take approx 183 days living in the country, a bank account, and an address, but those countries don't have zero capital gains tax. Bali in particular seems to be cracking down on immigrant tax evaders.

To no pay Tax in Thailand you will need to have an offshore bank account, and not transfer the money from crypto into a Thailand for a year.
Also, I can't tell if he is speaking of renouncing US citizenship but if you don't you will still owe taxes I believe. And if the plan IS to renounce US citizenship and move to a 0% tax place you need to do it before your net worth is $2 million otherwise you get hit with taxes lmao.
What are you on about mate?
post 1638212883 05-10-2021, 12:02 PM
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#2546
  1. Phobaphobia
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Well boys I've taken most of my profits. I'm mostly scaled out of crypto at this point... I think the top is near for this cycle. I'm leaving some in if alts continue to rally for a few weeks/months but definitely think we are at the top or close. Good luck boys.

TBH I'm expecting a multi-market correction.
post 1638213333 05-10-2021, 12:09 PM
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#2547
  1. dankydank
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Stocks and crypto both having brutal days. BTC at $60k is nowhere near the top. BTC crabbing for 3 months isn’t near the top boyo
post 1638215643 05-10-2021, 12:43 PM
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#2548
  1. fishnbrah
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Where do I buy that shiba coin at srs.
post 1638215983 05-10-2021, 12:47 PM
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#2549
  1. waytoodeep03
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Originally Posted By eternalone423⏩
I bought SHIB on BitMart
My man. You get a rep for the day
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post 1638216113 05-10-2021, 12:48 PM
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#2550
  1. Maxamanius
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How would it be possible for irs to know you have crypto if all you used was a decentralized exchange like uniswap and a hardware wallet ..impossible?
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