/biz/ - Business & Finance

>>30446829
>Operation Hidden Treasure, a joint effort between the IRS’s civil office of fraud enforcement and its criminal investigation unit, will train agents to look at blockchains to root out tax evasion among cryptocurrency users. It will exist as part of the office’s emerging threats mitigation team, Forbes said.

>>30446829
STOP TELLING THEM I NEED TO BUY MORE REEEEEEEEEE

>>30446885
you can't read monero blockchains?

>>30447262
Sure you can just google the explorer

>>30446829
So if I trade my shitcoins from Uniswap to ETH and then to fiat... I get taxed twice? If I made half a million then I could lose over 50% of what I made in federal alone

>>30447362
Lmao your hatred for Monero has the energy of a thousand suns, how have you kept it up for so long?

>>30447558
You get taxed every time you swap for a profit in USD terms. You can subtract all the times you swap for a loss.

Profit/loss is determined by the price at the time you acquired the asset compared to the price at the time you swap it.

>>30447558
You're not taxed twice but your overall profits are taxed at the end of the year, even if you haven't converted anything to fiat. Crypto to crypto being taxable (which is not a new thing, by the way) is primarily intended to prevent the loophole of flipping your gains into stablecoins and being able to go years without cashing out. What it means is that if you make a shitton off btc and tether up, that counts as realizing those profits and you owe taxes on them.

Oh you guys actually thought you could escape the grid using free mobile apps and browser extensions... Cute

>>30447682
That's reassuring. I am only going to convert to ETH for all of 5 minutes when I cash out to then turn it into fiat. I'm not looking to sit on it and make more off of my shitcoin profits

>have job
>income taxed
>use income to buy and sell 0's and 1's
>get taxed again

>>30446829
Always happy to create work for government workers.

post your face when the news article drops revealing that IRS specially trained ninjas are the biggest XMR hodlers per capita.

>>30447682
>>30447909
"Overall profits are taxed" is a little bit misleading.

For example, say you buy BTC at $50,000. Then you swap it all to ETH when BTC hits $60,000.

Even though you touched no USD, you now have a taxable $10,000 worth of capital gains.

Then, say ETH goes to $5,000 by the end of the year but you hold.

In YOUR mind, you think that you have profited $5,000 and only need to pay tax on the $5,000. But in the IRS point of view, you profited $10,000 since all you did was hold the ETH: you didn't sell it or trade it for a loss and "realize" that loss.

>>30447682
>>30447909
>>30448110

Fuck I made an error: Instead of "ETH goes to $5,000" I meant to say "Say the value of all your ETH goes DOWN by $5000"

>>30446829
its a new layer 2 solution to increase hodlers so that numbers go up

>>30448190
But that's theft

>>30447971
Heh... nothin personal taxman

>>30448110
so 300% tax.

>>30446829
Is there anywhere I can just exchange cash for monero or dogecoin to an actual wallet on my computer?

>>30448110
Yup. Reminder to realize are you losses each year. If you're down on any coin, just swap it for another coin so you can declare the losses. There's no wash sale rule for crypto so you can just rebuy too.

>>30449809
Crypto ATMs

>>30449824
Makes me wonder actually. DAI has succeeded in creating a decentralized stablecoin.

I wonder if we could make a coin that operates in a similar manner, except it fluctuates in value according to a well-known schedule. For example, every week it goes to $2, then it goes back down to $1 the next week, and back up to $2.

If that was the case, you could basically just use it for infinite loss harvesting.

>>30446829
why so much attention? Never sold CFX, then no need to worry

>>30447362
Yes, yes, you can see the blockchain.
Does that mean you can read it?
Does that mean a computer could read it?
Does that get the IRS anywhere?

>>30449809
You can do Cash By Mail -> Bitcoin -> Monero all through Bisq.

It is a completely decentralized exchange that runs on Tor. However, the entire process is going to take a few days obviously. But it's worth it when you're done, you feel like a ninja.

>>30447011
This is fud though. Hopefully it dumps the price a bit so I can accumulate

>>30450930
How is this fud?

>>30450987
IRS glowies scaring normies telling them that their monero is "tracable"

>>30451129
I interpreted the news completely differently. More like, IRS saying that "tracing blockchains is EASY!" because they are only looking at transparent ledgers like Bitcoin lol.

>>30451129
I actually interpreted it as "buy Monero now, it's the only untraceable crypto". In fact it sounds suspiciously close to being intentional messaging.

They'll all realise some day.

>>30452378
Let's be real, Monero would not have saved this dumbass. He posted asking for help coding his site using his real name on stackoverflow lmfao, and then changed the username later in a panic. As if cached versions/archives of the page didn't exist lol.

Beginning of November .0115

Beginning of March .0042

This is the bull run so far for Monero, have to be one of the worst performers? just awful