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/biz/ - Business & Finance

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3571351 No.3571351 [Reply] [Original]

How do Americans cash out profits from ICOs if they are illegal to begin with?

>> No.3571357

>>3571351
buy ico > convert to BTC > sell on coinbase > profit

>> No.3571368

>>3571351
I didn't even know they were illegal.

>> No.3571451

>>3571357
>So anon, where did all that BTC come from?

>> No.3571593

>>3571451
Buying and selling BTC?

>> No.3571603

>>3571451
or "I mined them like 5 years ago"
Its easy, whats your problem?

>> No.3571629

>>3571351
damn, she hot

>> No.3571675

>>3571593
>Uhmm, can we see those trades please?
>>3571603
>Can we see your mining wallets/transactions?

>> No.3571723

>>3571675
AM I BEIBG DETAINED???
I DONT HAVE RECORDS OF BTC MINING 5 YEARS AGO REEEEEE EI WAS FUCKING 13 YEARS OLD REEEEEEEEEEE

>> No.3571745

>>3571723
Oh, so you are a paedophile too
We're gonna need to make room for this one in Guantanamo

>> No.3571752

>>3571351
They aren't? SEC has never stated that.

>> No.3571757

>>3571745
literally i only use BTC to buy steam games and purse.io stuff

>> No.3571759

show me the exact US SEC legislature that explicitly states that it is illegal for American citizens/nationals to participate in ICOs

you think the taxman gives a shit if i violated Bancuck or ChinkLink's terms of agreement?

>> No.3571785

>>3571752
>>3571759
It's on the SEC's website

Only accredited investors can partake in private placements of securities.

In fact, that's true in many other countries too, they just arent as scary as the USA

>>3571757
Me too I'm hopeless

>> No.3571798

>>3571785
>It's on the SEC's website
complete bullshit, they gave a vague statement hinting that ICOs *might* be securities while referencing the DAO

still waiting for that official legislature, i'll wait while you hopelessly look

>> No.3571851

>>3571798
Chill out, I'm on your side, but it's real

http://www.seclaw.com/introduction-private-placements/

Who knows if/when they will enforce it

>> No.3571892

>>3571451
"Found a private key in a forum"
"Bought it years ago"
"Post my btc address on 4chan"

And so, so more.
It's so fucking easy.

>> No.3571902

>>3571798
Yes, this. Anyway, they can't control anything. They can't even prove that your btc address is yours.

>> No.3571964

>>3571902
>They can't even prove that your btc address is yours.
They won't have to, they'll just take your cash if you can't provide evidence on it's origins.

>> No.3572116

>>3571964
I was still in the bitcoin world, wasn't thinking about fiat.

>> No.3572265

>>3571351

its so hard to find nice chinos like that now, I wonder where he gets them

>> No.3572329

>>3571603
>>3571603
Lieing about something that's easily verifiable on a public ledger

>> No.3572512

>>3571351
Is it illegal for me to buy coins on an exchange? Hmm.

>> No.3572731

>>3571351
That's what Monero is for

>> No.3573077

>>3572512
I'm curious about that too

>> No.3573143

If the SEC ever makes good on their warning (which they won't), they aren't going to waste their time on any of the many thousands of people who have bought alt coins. They're going to go after the creators and distributors.

>> No.3573403

>>3571603
Don't say you mined them... Then it is considered a $0 cost basis and you pay tax on the entire price you sold the BTC for

>> No.3573783

>>3571351
>>3571368
>>3571752
>>3573143
They're not illegal. You all would benefit from some trading experience outside of crypto.

If the ICO is a security, it falls under pre-existing securities regulation.
If the ICO is not a security, buy it, buy as much as you want, no regulation.

In order to purchase the ICO, the ICO must either be registered with the SEC or the purchaser and issuer must utilize SEC registration exceptions.

If an issuer and a purchaser wishes utilize registration exceptions, the purchaser must qualify for exception under one of the following rules, 504, 505, 506b or 506c. The issuer must qualify for rule 114. Under the JOBS act there are additional exceptions available, but they're complected.

Any transaction involving the sale of securities is violating the Securities Act and is subject to prosecution.

The SEC moves in slow motion, but when shit happens it happens hard and fast. Not trying to intimidate anyone, so don't get offended, this is just reality.

>> No.3573932

>>3573077
Probably not man.

>> No.3574157

>>3573783
>Implying we're not all accredited investors using Coinlist

>> No.3574265

if i just say
>i mined them years ago
>someone on a forum gave them to me years ago
>i won them playing a game years ago

can i get cucked? im not usfag anyway

>> No.3574303

>>3571675
I used USB sticks and dead drops

>> No.3574350

>>3574265
Yeah, if you're non US you're okay unless your countries version of the SEC is just as ridiculous.

If you were in the USA - The FBI has the ability to subpoena, or the international equivalent, the transaction records and personal information of any US Citizen. With I could site the ruling I read this from... They litigated an exchange a while back and one the ability to do this, and it set the tone.

>>3574157
Nice anon, you made it to low earth orbit. Almost to the moon.

>> No.3574445

I would be interested in starting a group to talk about regulations and share our experiences from multiple countries.

>> No.3574455

fuck off newfags. what retarded questions.

>> No.3574470

>>3574455
This same thread has been popping up for about 6 months now. That and the tax thread.

Just think of how many crypto tax threads there will be in april. lol.

>> No.3574509

>>3574445
Seconded, I've never had any problems with virtual stuff. My govt just doesn't care, they only recently started cracking down on piracy at international request.

>> No.3574515

What taxes I'm just a little 22 yo brainlet buying digital tulips to quench my autism hehe ;p

>> No.3574524

I feel like unless you're cashing out literal millions, if you just pay your taxes on your money they're not going to investigate too much. They don't have the time, resources, or motivation to go after people paying their taxes on $50k of bitcoin for example, just give a plausible story and you're fine

>> No.3574733

Alright, so I've started a cryptocurrency group for /biz/ users on Wire (wire.com). Wire is a secure platform that I trust for communications more than others at least. Fill in your e-mail and I will send you an invite. Their beta team chat is free for 30 days and after that either I will pay for it or we can all chip in, I'm not sure how much it is right now.

>> No.3574742

link me some altcoin groups in discord telegram etc. and I will give you 0.1 btc