/biz/ - Business & Finance

You need to be making huge gains for it to be your only income. Maybe a couple of the guys with a few hundred grand could do it but the vast majority couldn't.

>Like that money has to be reported

no not until you sell

What i like about cryptocurrency is its the only thing of value that the IRS can never take from you. They can seize homes, safety deposit boxes, etc. but without your private key they are powerless. What a time to be alive.

Let's say he make enough to only work part time to be happy how would he go about actually using those profits?

>>2819478
you can lend it on an exchange and make 20% per year easily, so youd only need ~$150k worth of crypto to retire

>>2819490
>get subpoena'd
>don't give private key
>go to jail and get assraped by DeMarius every night

>>2819503

>maximum sentence is only 5 years of getting assraped

>>2819500
What was ~$150k of BTC a month ago is ~$90k of BTC today.
If you want any reliability in your income you are going to need a lot to survive the bad months without living off noodles.

Fak! I thought crypto was like a fuck you to financial institutions guess I'll be redeeming btc for amazon gift cards

>>2819525

>>2819469
I've done it. Paper gains near 1 million this year. Early 30's. Am retired.

Also am lawyer so listen up: if you're depositing your gains you need to go to an accounting firm and retain them to do your taxes. Should you be investigated by the IRS, the simple fact that you pro actively went to professionals so you could make a full accounting of your gains will save your ass.

>>2819469
>make at least 2 million or so
>create a charitable remainder trust
>"contribute" your cryptocurrency to the trust before selling
>the trust then sells the cryptocurrency (or otherwise diversifies) on a completely tax-free basis
>you can then reinvest into stocks, bonds, gold, or more crypto
>in exchange, the trust pays you each year for so long as you are alive.
>you choose the amount of this annual payment at the time you create the trust
>can be a fixed amount or a percentage

>you only pay tax each year on the annual payment you receive from the trust
>the year you create the trust you receive an income tax deduction equal to the actuarial value of the charity’s projected gift

Though as >>2819682 says: lawyer up and get a tax guy.

>>2819469
I just got myself a virtual VISA from https://cryptopay.me/bitcoin-debit-card .. load up BTC when ever I need to buy shit online.. just get a physical card to get cash out at an ATM

>>2819705
i-is this legit?

>>2820802
Yes

>>2820802
Welcome to the Alice and Wonderland world of the rich.

>>2819469
>go to starbucks
>order coffee
>signal intent to pay in bitcoin
>pay 3 more coffees in transaction fees
>wait 12 hours for first confirmation to come in at 3 transactions max / second worldwide crawl speed
>it doesn't
>manager calls police
>banned from starbucks
>sued for fraud
>ordered to pay coffee + thousands in legal fees + interest in fiat
living off crypto is easy once you make it over the initial hurdle to get into jail for free housing and food