1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

[O.Red]

https://www.irs.gov/pub/irs-pdf/f8300.pdf

I think when there's more institutions that are offering crypto payment services/cards etc there may be a way to get around this



If your exchange has a card that is backed by a stablecoin, technically you could take your gains, put it into a stablecoin on your exchange that has a debit or credit carded backed by it and never have to cash out FIAT



Just a thought

THIS is an interesting take. Especially with crypto shaping up to be the new bank account for the wise

Still trying to get this Coinbase card

 

[mannyrs13]

Research Library

Section C says, Cash received by financial institutions.

Wonder what they could do to make these crypto exchanges financial institutions. Of course they not in the politicians pockets like the banks are so it's not as simple.

Also says something about contains foreign currency. They should create a Euro stable coin or something like that maybe. Who knows.

 

[O.Red]

Is there a specific timeframe for that? Not saying I'm encouraging or involved in any criminal activity of any of y'all are spies for the government. But if you take out 9500 every week or two weeks or month, is that still structuring? How much would one have to wait before the feds start asking questions? Even tho I'm sure they'll trip about any time these days.

It's not necessarily about a time frame.

The feds are looking for patterns in your behavior

If you're pulling out 10k one time you probably wouldn't mind reporting it, but If you're pulling 10k a month and not saying shyt they on your ass

Now I would imagine if you're moving your profits to another coin instead of cash you're good. Shyt like that is how the rich dodge taxes. They keep the money in investments or buy boats

This law has always existed, they're just adding crypto to it

 

[DaddyFresh]

It's not necessarily about a time frame.

The feds are looking for patterns in your behavior

If you're pulling out 10k one time you probably wouldn't mind reporting it, but If you're pulling 10k a month and not saying shyt they on your ass

Now I would imagine if you're moving your profits to another coin instead of cash you're good. Shyt like that is how the rich dodge taxes. They keep the money in investments or buy boats

This law has always existed, they're just adding crypto to it

Yeah crypto just made hiding money and money laundering accessible to average folk. No cayman account needed if you have a non custodial wallet lol

 

[mannyrs13]

It's not necessarily about a time frame.

The feds are looking for patterns in your behavior

If you're pulling out 10k one time you probably wouldn't mind reporting it, but If you're pulling 10k a month and not saying shyt they on your ass

Now I would imagine if you're moving your profits to another coin instead of cash you're good. Shyt like that is how the rich dodge taxes. They keep the money in investments or buy boats

This law has always existed, they're just adding crypto to it

Oh yeah definitely. I don't mind reporting my taxes correctly. Just seems like they trying to tax everything and likely even raise taxes as well. There's too much movement in the crypto world and keeping track of everything seems impossible.

 

[DaddyFresh]

That thread is bs by some random person on the internet.

"Taproot mixing? You're hosed, you become a felon for using Wasabi. Mining pools that aren't doxxed? Felony. NFTs >10k, you go to jail. Programming payments in installments to keep sums <10k, also a felony. *Writing software* even some .js app logic in a wallet to assist, jail."

Where?:
26 U.S. Code § 6050I - Returns relating to cash received in trade or business, etc.

If you're making any type of money in this, simply get an accountant, they're not that much. I've had one since 2002, for my affiliate marketing/domaining business. Now my accountant will handle some Crypto stuff. I know sites like Coinbase have it where you can just do a download, give that to your accountant.

Basically, pay your taxes, be truthful about what you earn etc. Again, getting an accountant helps.

Some may not want to do that and if that's the game you play, things can go bad.

Yeah his whole tweet thread is FUD. You can read the debunking of it on Reddit. Don’t trust random unverified accounts with hyperboles like this. He probably loaded up on shorts and then pushed this

 

[Hiphoplives4eva]

Take out 10k in crypto, feds on your ass.

Donate 10k to a politicians campaign, they prolly welcome you with open arms.

Cant stand these b*stards. Can't even make money in peace without the government harrasing you.

 

[O.Red]

Oh yeah definitely. I don't mind reporting my taxes correctly. Just seems like they trying to tax everything and likely even raise taxes as well. There's too much movement in the crypto world and keeping track of everything seems impossible.

Yea this is the feds trying to scoop up spilled milk with their hands

 

[Fly]

Everyone into crypto needs to read this thread

Speaking to some whale friends of mine a lot of them are increasing stable exposure and I increased mine a few days ago actually

I’m a novice in crypto. What does this mean for the casual crypto trader using kucoin, coinbase and pancake/uniswap?

 

[old pig]

didn’t think ELON would make a faster attempt at recovery than SHIB…up 30% from yesterday but up almost 100% from its absolutely lowest point today…still down but way more tolerable than the bloodbath I was looking at earlier…someone I semi-follow was pumping it earlier…hope this mini run is more sustainable than that tho

 

[DrunkenNovice]

Anybody else looking at CRO?

Edit: nm searched thread

 

[(ALi)]

Brehs can I get some recommendations on Sol or FTM? I have 1500 to put in.

Sol there is potential to flip BNB and rumors are FTM sooner rather then later will be listed on Coinbase.

Your thoughts are appreciated.

 

[mannyrs13]

XYO might fukk around and hit a dime by the end of the week.

 

[old pig]

wth is phoenix global?

Phoenix Global price today, PHB to USD live, marketcap and chart | CoinMarketCap

 

[Brolic]

Is anyone else participating in the auctions? I’m not sure if it’s worth it