AHHHHHHHHHHH

Fuzzy_Logic
Fuzzy_Logic

Where do we hedge our monies against btc for the incoming crash AHHHHHHHH FUCK

King_Martha
King_Martha

@Fuzzy_Logic
ETHEREUM AND ARK

LITERALLY THE ONLY OTHER TWO TRADING PAIRS THAT WILL EXIST AFTER THE BTC CATASTROPHE

haveahappyday
haveahappyday

xmr or bch

iluvmen
iluvmen

@King_Martha
doesn’t move squad

BunnyJinx
BunnyJinx

@Fuzzy_Logic
CASH OUT ASAP IF YOURE NOT A RETARD

Crazy_Nice
Crazy_Nice

@Fuzzy_Logic

I am going with tether.

All memes aside I think it will be the best place for now.

If tether goes down I am probably fucked though.

Soft_member
Soft_member

I'm unironically buying USDT when BTC dips

Gigastrength
Gigastrength

SALT, everyone is going to want loans to buy the dip.

TechHater
TechHater

@Crazy_Nice

Dangerous choice user. Tether is intricately tied to BTC, and we don't know what will happen with USDT if BTC crashes. If you think of the potential scenarios that could cause USDT to crash, how many of them have a BTC crash as the cause?

Actual fiat is the only real safe hedge. ETH is probably your best bet if you want to keep it in crypto.

Raving_Cute
Raving_Cute

@TechHater
convert to fiat
instantly liable to pay capital gains taxes

In my case that would be 33%

5mileys
5mileys

@Raving_Cute
If you're from UK, USA or Australia, you make capital gains on each crypto-to-crypto trade, not just when you cash out.

AwesomeTucker
AwesomeTucker

@5mileys
patently wrong

farquit
farquit

@AwesomeTucker
No, I'm not - feel free to get fucked in the ass by the tax man if you want.

eGremlin
eGremlin

@farquit

send btc to cold storage
sorry Mr gubment my shit got hacked and my coins got drained
sell bitcoins on localbitcoin for cash
ride off into sunset

Methnerd
Methnerd

@eGremlin
Yeah, I bet they don't hear this one a lot :^)

Hope you got lube, you will never out-smart the tax man.

Spazyfool
Spazyfool

@Methnerd

Serious question, how would they ever track it?

Raving_Cute
Raving_Cute

Safex and bitbean for some reason they stay stagnant no matter what bitcoin does.

w8t4u
w8t4u

IOTA

Carnalpleasure
Carnalpleasure

@Gigastrength
Genius

Emberfire
Emberfire

finex not even at 16k
coinbase at 17k
RUN RUN RUN

idontknow
idontknow

@Soft_member
not a bad move

Illusionz
Illusionz

@Fuzzy_Logic
its k dude bitcoin bubble is just a massive flash sale for all cryptos

Raving_Cute
Raving_Cute

@Fuzzy_Logic
Monero. It's a friend.

Emberburn
Emberburn

@AwesomeTucker
@eGremlin
he's not wrong, and losses don't counteract gains

so when you, for example, buy LTC with your BTC, the government/IRS view it as you "selling your BTC for market value, and using those funds to buy the LTC", so that act of "selling for market value" is taxable.

If the LTC you buy plummets by 99% and you're left with nothing, it doesn't matter, that action of "selling your BTC for market value" still happened, and counts as a profitable trade.

If you're in UK, USA, or Australia I suggest you contact an accountant and discuss this or you're going to be in severe trouble with the government.

If you think "how would they know!?", well if you've ever filled out a KYC at any exchange you're regularly trading at, they will forward your information to your regulatory government annually.

w8t4u
w8t4u

@Emberburn
what do you mean? of course it's a capital loss, at least in Canada. In Canada you apply capital losses against capital gains. You can carry forward a capital loss forever, or carry forward a capital gain 3 years.

Raving_Cute
Raving_Cute

@Crazy_Nice
@Soft_member

you have lost your damned mind.

Sir_Gallonhead
Sir_Gallonhead

Many lost souls with the tax man here. If all you do is trade crypto and don't have a job, you should claim as 100% income. If not, then you can likely depending on your jurisdition apply 50% capital gain rate to the gains. You can also apply capital losses to the capital gains, most importantly, tax rules are different in every country. You should probably consult the official website for your country they've likely spelled it out for you. They definitely will soon with upcoming tax season.

Carnalpleasure
Carnalpleasure

@Spazyfool
They can not, but they will annoy you for all eternity. You also have the right to forget due to the Fifth.

"The Fifth Amendment (Amendment V) to the United States Constitution is part of the Bill of Rights and protects individuals from being compelled to be witnesses against themselves in criminal cases. "Pleading the Fifth" is a colloquial term for invoking the right that allows witnesses to decline to answer questions where the answers might incriminate them, and generally without having to suffer a penalty for asserting the right."

Boy_vs_Girl
Boy_vs_Girl

@Emberburn
Stop fucking lying about this. You can swap even houses or land of equal market value and no taxable event hasnt occured because money has not changed hands and they were same value at time of sale. Look it up.

Ignoramus
Ignoramus

@Boy_vs_Girl
You have to specifically apply for a "like-kind exchange" with the tax agency (in USA anyway) for this to occur. Until you ask the IRS to like-kind exchange approve every single one of your crypto trades then you are making capital gains on each trade.

happy_sad
happy_sad

@Fuzzy_Logic

I couldnt take it. I sold my LTC at a huge profit for the impending collapse of the BTC price. Which, needs to happen - Even though it'll cost me hundreds of thousands of $ in fake money. It need to crash down so we can build it back up.

PackManBrainlure
PackManBrainlure

@Ignoramus
Yes, they are taxed as capital gains, but all the losses you can use to offset all the gains, so essentially how much you are up in dollars at the end of all your trading is taxable as capital gains, and if you have losses you can use it as a writeoff, but they arent "realized" gains or losses until you sell for currency, it works the same for property. Just knowing how many dollars you put in and take out is all you need to know. It works the same for property, if you buy a house for 100k, it goes up to 200k, you swap for another property that is 200k you dont owe capital gains yet, they carry over until you sell. If the new house goes down to 100k you owe nothing and if it goes to 50k you can use it to write off other taxes, if you sell second house for 200k capital gains are 100k

Sir_Gallonhead
Sir_Gallonhead

Only the dead know peace from bitcoin traders

Sharpcharm
Sharpcharm

bitcoin won't crash until it does a 10000% jump in a few hours
chinks will just keep buying ever dip

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