/biz/ - Business & Finance

>>6426360
Made half a mil off Bitcoin / ETH and used it to buy a house and pay off everything, still have 100K left over.

I just play altcoins now.

umm I'm at 20k if I ever reach a substantial amount I don't want to cash out and have to deal with the tax man

I'm hoping by then most online merchants will accept crypto so I can buy stuff like vidya and groceries and chinese cartoon figurines with my crypto and use my IRL job to pay the mortgage

>>6426360

Hit $1M and cash out $200K to give me four years of living VERY comfortably while thinking about what comes after that and letting the remaining $800K continue growing.

>>6426360
Open HSBC account
Convert everything I want to cash out into ETH
Go to etheroll.com
Drag slider all the way to 99% win chance
Bet 1 ETH at a time at 99% chance of winning
Sell ETH for fiat
Don't have to pay any taxes on gambling profits
HSBC won't report multiple deposits of a few grand anyway because they are a crook bank

Credit goes to anon who told me this method about a week ago

at $1m i will exit scam 90%, buy a house somewhere out of the way, invest and live off of the return while growing the remaining $100k for no other purpose than increase the comfort of my living
i will also try investing in the anime and manga industry somehow, either donate or buy merch/bd's since anime and manga gave me a reason to live

>>6426552
>Drag slider all the way to 99% win chance
>Bet 1 ETH at a time at 99% chance of winning
I don't think you understand how high school probability works, and for this fact alone I urge you to do this and lose all of your money like a good little brainlet

>>6426666
Are you retarded? 99% chance of winning is 99% chance of winning.
>lose all your money
You sure that you're the one who doesn't understand probability here?

>>6426744
>It's another "he doesn't understand expected value" episode

>>6426360
>exit
I will forever keep Bitcoin like a true early adopter. I will use it to buy things once it is accepted in more marketplaces.

>>6426823
>expected value
I would expect to lose 1 out of 100 rolls, or 1% on average, which is better than a 28% CGT

>>6426885
And what percent profit do you make per roll kiddo?

>>6426552
Gambling PROFITS doesn't include what you put in

>>6426932
idgaf, it's irrelevant

>>6426360

>Withdraw funds
>Go to one of those places that do your taxes for you
>Drop 5000 pages of transactions on their desk
>Pay the extra $20 for the option where they take the blame from the IRS if something goes wrong and you're left the fuck along while they work it all out.
>Sit in my room in the dark and finally not have to look at fucking internet robot money anymore and just sleep or play games or whatever else.

holding forever
this shit is for my grandchildren

>>6426953
Yes it does you fucking imbecile

>>6426360
I plan on being part of the actual Alpha Centauri colonization, if that's what you're asking

>>6426980
No it doesn't retard

You're hoping to put in $100k and turn it into $95k and say "it's gambling money, it's not taxed"

Nope, that's a $5k loss and you're still paying capital gains tax you fucking retard. Idk what kind of idiot logic you've got here but I hope you lose it all cuckface

>>6427012
Jesus Christ you're a retarded faggot, there are no CGT on gambling winnings. It doesn't matter if you only win your stake back every time, they are all tax exempt

>>6427012
Is CGT applicable to gambling profits?

once I hit 7 figs Ill move to NZ, cash out and buy a sheep farm

>>6426404
Larp detected

>paying taxes to the government
>the same government that has worked 24/7 to keep me down
>the same government full of crooks and thieves

Over my cold, dead hands

Cashing out when I have enough after paying the piper for a house on a reasonably sized piece of rural land. I'm about 1/3 of the way there.

>>6426360

>>6426874
this. cash out = sell out. they were never true coiners.

>>6426955
lol its not

>>6427193
I guess I'm not the only one beginning to think this way

>>6427250
It is if I'm only trying to cash out

>>6426932
you might be retarded. He could literally have a winning payout of just 1ETH and it would be worth it for the most risk averse person. expected payout over a large enough sample size would literally be a 1% tax rate. the probability of him losing so much its more than taxes is astronomically low. However
>>6426953
is correct. The reason you dont pay taxes on your gambling STAKES is because you already did. For example as someone who manually pays income tqx, I can't just take all my paycheques to vegas, break even and then say BAMN ALL GAMBLING PROFITS. just because you didnt gamble it in fiat form doesnt change anything. Gambling is not how you EARNED most of the money.

>>6427077
But the money you used to gamble was crypto profits... are you retarded? You were supposed to pay tax on them before you did anything else with them i.e. gamble.

Do you realize you're much better off saying NOTHING than saying you made it all from gambling? What happens when they ask, "Ok and where did you get all that gambling money?"

Your brainlet money laundering plan is laughably stupid

>>6427309
>You were supposed to pay tax on them before you did anything else with them
Wrong. You only pay taxes when you cash out. If you never get around to cashing them out then you never owed any taxes on them in the first place.

>>6427392
God, I'm tired of this meme
If you hire me as an employee, and you pay me entirely in chickens, or Amazon girt cards, or crypto, taxes are still incurred. If we meet at an art swap and I trade you a painting that I bought for $10 in exchange for a painting worth $1000, taxes are incurred. Deal with it.

>>6427392
Wrong, every trade ETC/BTC is a tax event, and so u must pay taxes.

>>6427499
Your example is completely irrelevant and doesn't apply. You don't have to pay taxes before you cash out of crypto because the gains are still UNREALISED

>>6427499
>If we meet at an art swap and I trade you a painting that I bought for $10 in exchange for a painting worth $1000, taxes are incurred

Who the fuck is dumb enough to report a painting swap to the IRS? KYS government cuck

>>6426971
They charge extra my silly little anon-ku

>>6427530
Fucking burgers I swear, the majority of the world doesn't have your retarded 'every trade is a taxable event' bullshit, also you're wrong anyway. You don't have to pay taxes when you buy crypto because your gains are unrealised, only when you sell it back to fiat

HODLING until I can live off selling a small portion of my coins every month

>>6427392
That's not true, putting them into a gambling pot would be considered cashing out - you're trading crypto for abstract gambling value you fucking degenerate retard, literally kill yourself. Please do this then get ass-fucked by the IRS cuckface

>>6427596
in germany not.

>>6427392
Oh man... you are too dumb to be redeemed. You clearly haven't dealt with tax agencies before.

There's too many people to chase so they go after low hanging fruit. If you say absolutely nothing then they know nothing without doing a ton of fucking work and they move on.

If you say "Haha this was all just non taxable gambling winnings and you can't touch it, suckas!" you just gave them an easy lead. You also might look like a low hanging fruit that they can make an example out of for evading or non compliance.

>>6427160
>everyone is poor like me

>>6427609
>Please do this then get ass-fucked by the IRS
>the IRS
>America is the whole world

I plan to accumulate eth from swing trading alts. Learnt a lesson last week about not being greedy and taking some profits while the going is good. Hoping to buy 1 bitcoin sometime soon which I never plan to sell. Once I reach 50k I will take out 10k. Then I will have 10x my original cash investment. Basically I plan to diversify and hold. Crypto is here to stay, it's just a matter of choosing the right coin. (Short ripple, Long Ethereum.)

>>6426360
I'm exiting RIGHT NOW. Fuck the upcoming bear-market. Not going to keep my money in a bleeding crypto market for a few years waiting for it to turn into a bull market again.

>>6427552
Wrong. Every crypto to crypto exchange is a taxable event as defined by the IRS. If you live in America, there is NOTHING you can do about this.

Might as well move to a third world nation if you ever want to not pay taxes.

>>6427650
If you don't specify another country then it's assumed you are from the US - this is the internet, and the US created the internet you degenerate

>>6427499
Swapping paintings is a like-kind exchange though.

>>6427714
This desu, 4chan is a US website

>>6426360
it's time to retire guys, every retard already heard about cryptos - there won't be any growth in 2018

Are all Americans really this fucking retarded that they think only gay American laws apply to the whole world?
>hurr your exit strategy doesn't work in the land of the free therefore its a shit idea and you're retarded.
kys the lot of you

>>6427784
We can use your country's laws when it's the largest economy in the world.

>Be Swiss
>Withdraw everything
>Pay 2% tax

I'm alright thanks

>>6427650
>America is the world
Unfortunately it's partially true, at least in a banking sense. Yay for globalism.

If a bank is denied access to the US banking and financial systems it's a kiss of death. That's how they bully foreign institutions into playing by their rules.

>>6426360

I am literally withdrawing 100k as we speak, keep the other 100k in the market. Looks like we are headed for tough times. At least if I guess wrong I still make money either way.

>>6426404
>>>6426360 (OP)
>Made half a mil off Bitcoin / ETH and used it to buy a house and pay off everything, still have 100K left over.
>
>I just play altcoins now.
Did you pay taxes?

>>6427714
>>6427734
He stopped mentioning his childlike and easily exposed money laundering scheme when it was exposed as silly and simplistic.

His attacks on america are just a deflection because he's butt hurt. There's no fucking way his idiotic plan was good in whatever undisclosed country he supposedly lives in.

>>6428056
There are at least 3-5 countries in the Caribean with populations of like under a million that it would probably work in tbhfam. But I doubt they tax crypto in those places anyway.

>The discord pump group that is unstoppable.!,.

https://discord dot gg/6BAAvpM

>>6428114
Yeah I'm sure you're right.

What I was trying to tell him was that where ever it would work you would be better off saying absolutely nothing. Why concoct a scheme that loses some money and then tell them about the rewards from the scheme? That only leads to more questions. It's like he wants to taunt his government for the fun of it and it's idiotic

>>6426360
Already cashed out 150K. Holding 400k in crpyto still. Watched 300k profit evaporate this week. Feels bad man.

>>6427613
Be more specific, please. In Germany cashing out your gains is a taxable event if you don't wait for a year. Also, trading a foreign currency for another is a taxable event.

>>6426479
Why not just get ebay/amazon vouchers. Only use USD to pay for groceries.

>>6428641
Blij dat ik geen kankerduitser ben.
TFW 1.2% belasting over cryptogains -30k - studieschuld.

>>6426552
What a fucking idiot.

>>6427943
Crypto taxes in Canada are only 25%