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The Cryptocurrency Thread

The Lonious Monk said:
Correct me if I'm wrong, but you don't pay any capital gains on the recoup right? Don't the taxes kick in when you pull out an amount above that initial investment?
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You only pay capital gains if you sell your crypto for U.S. dollars.


Not stable coins, but actual U.S. currency.


As long as you stay within the crypto ecosphere, you're not paying any taxes at all.


Meaning, if you've got a 5% yield on whatever crypto you're holding.......as long as you take the yield in crypto and don't sell it you won't be taxed.


So, basically, with any crypto and/or yields........you're good as long as you don't sell.


Converting is better than selling.


Now, in terms of selling, you're right.


You only get taxed on the difference between what you sold it for and what you bought it for.


Meaning, if you spent $1,000 on some crypto............and sold it for $1,500........you're only taxed on the $500 you gained by selling it.


Not the entire $1,500.
 
@BDP™️ @AZTG @Sion @DOS_patos

So I signed up for Coinbase and Im having trouble reading/understanding it. Like how many shares I have

So I did a trial run and put a few dollars in right. So I basically put $32.28 into SHIB but now sure how much I own. So does it show the amount of shares you own or just the balance. Any information from yall would be helpful
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Dwayne said:
@BDP™️ @AZTG @Sion @DOS_patos

So I signed up for Coinbase and Im having trouble reading/understanding it. Like how many shares I have

So I did a trial run and put a few dollars in right. So I basically put $32.28 into SHIB but now sure how much I own. So does it show the amount of shares you own or just the balance. Any information from yall would be helpful
View attachment 680880
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443k
 
deadeye said:
You only pay capital gains if you sell your crypto for U.S. dollars.


Not stable coins, but actual U.S. currency.


As long as you stay within the crypto ecosphere, you're not paying any taxes at all.


Meaning, if you've got a 5% yield on whatever crypto you're holding.......as long as you take the yield in crypto and don't sell it you won't be taxed.


So, basically, with any crypto and/or yields........you're good as long as you don't sell.


Converting is better than selling.


Now, in terms of selling, you're right.


You only get taxed on the difference between what you sold it for and what you bought it for.


Meaning, if you spent $1,000 on some crypto............and sold it for $1,500........you're only taxed on the $500 you gained by selling it.


Not the entire $1,500.
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Cool, that's what I thought. So I'm even now. I've only taken out what I put in so I don't have to pay any taxes, and I'm cool leaving the rest in the cryptosphere.
 
So what would be the best play for instance if SHIB pops and I make 10 million

Take out some cash and convert the rest to a stable coin like Ethereum or Bitcoin?
 
The Lonious Monk said:
Cool, that's what I thought. So I'm even now. I've only taken out what I put in so I don't have to pay any taxes, and I'm cool leaving the rest in the cryptosphere.
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I read the treasury secretary Janet Yellen suggests imposing a tax on unrealized capital gains for a way to tax the rich but I aint feeling that as a everyday person. Because its gon fuck us up the most. We dont have the lawyers and or knowledge to fight that shit in the long run like the uber rich. They slick because I think its a way for them to reach further into our pockets

Not sure it it would apply to Crypto too but probably will if they go that route
 
BDP™️ said:
So what would be the best play for instance if SHIB pops and I make 10 million

Take out some cash and convert the rest to a stable coin like Ethereum or Bitcoin?
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Nah fam. Split that. Eth and Bit are agressive investments. So put like 5% on each, find some stocks you like, put 5% in those. Get your agressive investments to like 25% of your portfolio.

Put like 30% of your money in gauranteed investments like CDs and govt bonds. 3-5% interest low but this is money you cant afford to lose if everything else tanks.

Then put 45% of your money in s+p500 tracking indexes and live off the dividends.

Edit: And 2% for your boy for holding down the info
 
All_Might said:
I paper handed and took profit but still left some in the tank. I'd rather have my 18K today than pray for it to kill another zero. I'm not sure it has the legs at the moment to go that far. The RH listing will be the next big bump
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Smart move. Gotta have money to make money. Gotta take these 18ks and build capital till you can afford to lose 18ks.

I did the same. Even though im also still in the game too.
 
Dwayne said:
I read the treasury secretary Janet Yellen suggests imposing a tax on unrealized capital gains for a way to tax the rich but I aint feeling that as a everyday person. Because its gon fuck us up the most. We dont have the lawyers and or knowledge to fight that shit in the long run like the uber rich. They slick because I think its a way for them to reach further into our pockets

Not sure it it would apply to Crypto too but probably will if they go that route
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They killed that yesterday.


Not happening..........not for now at least.
 
The Lonious Monk said:
Yep, plus it was aimed at billionaires so it's probably something that wouldn't have even kicked in unless you were in a tax bracket where it wouldn't have matter anyway.
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They say its aimed at billionaires but it would apply to everybody when it comes to unrealized capital gains and we the everyday folks will have the IRS all in our business and putting Liens on homes so we can lose them among other shit and we back at square one.

Its a dirty game
 
Dwayne said:
They say its aimed at billionaires but it would apply to everybody when it comes to unrealized capital gains and we the everyday folks will have the IRS all in our business and putting Liens on homes so we can lose them among other shit and we back at square one.

Its a dirty game
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It depends on how its written. We already have income tax brackets where the rates you pay or if you pay are based on how much money you make. The same could be done for unrealized gains. They could easily do something like set the minimum taxable unrealized gains at like a million dollars in a year or something like that. The average person would be unaffected by that.
 
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