Thread: Blockchain/crypto

UR you are like my crypto brother

Originally Posted by Shazam!

I got in at Doge at like $0.0004 or something. I have thousands.

Long term users don't flinch when the price drops because earlier gains are still there.

In case you haven't noticed, doge is slowly trickling back up...

Yep it is back up to 55 cents already.

Originally Posted by Shazam!

UR you are like my crypto brother

That is because we know (and I still do not know know- but I am getting educated in it every day)


Just do not try to have sex with me ok. hahaha

Originally Posted by underrated29

Originally Posted by Shazam!

UR you are like my crypto brother

That is because we know (and I still do not know know- but I am getting educated in it every day)


Just do not try to have sex with me ok. hahaha

sigh

Originally Posted by underrated29

Nah my dude. I did not say that either.


What I did say is that NFT are the future and those are part of Eth. That will take over and people get more and more educated about NFTs and not just think of them for art.

I did say that it can take over- because why pay tax on something that you do not have to. Especially for major purchases like Cars, business contracts, pro athletes, etc.

Oh cool we're back to the tax evasion angle!

Originally Posted by underrated29

Nah my dude. I did not say that either.


What I did say is that NFT are the future and those are part of Eth. That will take over and people get more and more educated about NFTs and not just think of them for art.

I did say that it can take over- because why pay tax on something that you do not have to. Especially for major purchases like Cars, business contracts, pro athletes, etc.

Sir....that's not how that works at all.

Please know that this stuff is very much on the IRS' radar. This isn't legal advice, but google what a taxable event is. It wouldn't shock you to know that if you sold crypto then you're going to pay taxes on it. But if you have some, and then you spend it, and that asset appreciated in value, you're also screwed.

I've seen you repeat this myth several times. Please don't play with fire. Because Uncle Sam will bend you over and (rightfully) get what is owed.

Originally Posted by King87

Sir....that's not how that works at all.

Please know that this stuff is very much on the IRS' radar. This isn't legal advice, but google what a taxable event is. It wouldn't shock you to know that if you sold crypto then you're going to pay taxes on it. But if you have some, and then you spend it, and that asset appreciated in value, you're also screwed.

I've seen you repeat this myth several times. Please don't play with fire. Because Uncle Sam will bend you over and (rightfully) get what is owed.

If you pay for a car with crypto what is there to tax?

Originally Posted by Shazam!

sigh

Ah come on it was funny

Originally Posted by BroncoWave

Oh cool we're back to the tax evasion angle!

Please see two posts up

Originally Posted by underrated29

If you pay for a car with crypto what is there to tax?

Imagine when you got the BC it was worth X amount of dollars. Then you go "well, the BC is now worth X + (insert increased dollar amount) so I can afford to buy a car." You now have to pay taxes on that increased value. After that you'd (or CPA/Lawyer/lawyer who is also a CPA, etc.) start with an analysis of capital gains taxation followed up with a long/short term analysis as well. And I'm not explaining that as artfully as someone like NTL could.

I'm not trying to prove to you how smart I am. Or even to justify my (low) opinion of cryptos. I am, however, trying to alert you to these things. Again, this is not legal advice. I am not a lawyer. I am not your lawyer. This is just stuff you can find on CNN/Fox News explanatory articles. I really don't want to see my dear message board homie square up with the IRS.

Your take in Crypto is surprising to me king

Originally Posted by Shazam!

Your take in Crypto is surprising to me king

They aren't going away. I can see the appeal in it. There's just something about them philosophically that I find to be frustrating.

But if they make you rich, Shazam I am happy for you. Same for UR. Capitalism is the best system we've had. So be a capitalist. Just don't be a capitalist that gets spanked by the IRS.

Originally Posted by King87

Imagine when you got the BC it was worth X amount of dollars. Then you go "well, the BC is now worth X + (insert increased dollar amount) so I can afford to buy a car." You now have to pay taxes on that increased value. After that you'd (or CPA/Lawyer/lawyer who is also a CPA, etc.) start with an analysis of capital gains taxation followed up with a long/short term analysis as well. And I'm not explaining that as artfully as someone like NTL could.

I'm not trying to prove to you how smart I am. Or even to justify my (low) opinion of cryptos. I am, however, trying to alert you to these things. Again, this is not legal advice. I am not a lawyer. I am not your lawyer. This is just stuff you can find on CNN/Fox News explanatory articles. I really don't want to see my dear message board homie square up with the IRS.

And this is completely not the point I am making nor what I have said. I definitely need you guys to go learn more about it. Cap gains is an entirely different topic. (one that can also be looked at with crypto)


But again let me say it. Why would you pay tax on a car when there is no need to? When there is nothing to tax. If you pay for a car with crypto- there is no tax. So why in the world would you pay with regular money which is subject to tax. The answer is you would not. And thus once people start getting educated upon such things you can project forward.

Originally Posted by King87

Originally Posted by Shazam!

Your take in Crypto is surprising to me king

They aren't going away. I can see the appeal in it. There's just something about them philosophically that I find to be frustrating.

But if they make you rich, Shazam I am happy for you. Same for UR. Capitalism is the best system we've had. So be a capitalist. Just don't be a capitalist that gets spanked by the IRS.

While I was in the shower I thought of about 10 ways to cash in that money from my ethereum without alerting... Anyone lol

The whole point of de-finance is to save you from banks, the irs, taxes, wait time... I think if you knew more about certain cryptos like eth and Mana and matic, real products with an actual usage, it would sway you.

I have a plan to be a millionaire in 18m or less. No other way have I seen with the kinds of growth your money can have in the crypto space. None, not with this kind of turnover. I have to think of my family, not putting my money to the cash strapped IRS. I wasn't born with a fortune, but I think I'm on my way. Working for someone or a business that doesn't give a shit about you just isn't the way anymore.

For the record I am not some crypto millionaire... Yet. I haven't been doing this for long at all. I am NOT an expert and I never claimed to be. I champion cryptos because rit seems to be the only way poor ****in slobs can make some real life changing money.