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I would be cashing out as fast as humanly possible. And setting aside a good chunk for taxes and legal fees...
I would be cashing out as fast as humanly possible. And setting aside a good chunk for taxes and legal fees...
no need to do that. just convert to dai stablecoin and just let it sit for years or split it up among many defi protocols to collect interest. no way to trace it, nor any need to do anything.
Edit: @hprotagonist, you too! Shouldn’t have to go comment by comment pointing out the fraud suggestions.
Earlier quoted context omitted.
Do the people opting in truly appreciate that one software bug could empty their account?
People who interact with non-bitcoin crypto tend to be a lot more knowledgable about the tech and its implications than an average person. So I would say the answer is probably yes.
I might start getting into crypto after this. No, but on a serious note, I don’t think cryptocurrency will ever be a sufficient replacement for the US dollar, but I can imagine the infrastructure going into it will produce new, helpful financial tools.
So the threat is they get taxed on an unearned windfall? Spooky. It’s one thing to be afraid of a crypto exchange, quite another to be afraid of Johnny law. And as far as getting doxed, well, more than one can play at that game. Not to mention that making that threat is not exactly earning them sympathy points. At some point crypto holders and organizations will have to decide whether they want the law involved or no…
Earlier quoted context omitted.
no need to do that. just convert to dai stablecoin and just let it sit for years or split it up among many defi protocols to collect interest. no way to trace it, nor any need to do anything.
This is fraud. Crypto doesn’t magically make it not fraud. Edit: @hprotagonist, you too! Shouldn’t have to go comment by comment pointing out the fraud suggestions.
So the threat is they get taxed on an unearned windfall? Spooky. It’s one thing to be afraid of a crypto exchange, quite another to be afraid of Johnny law. And as far as getting doxed, well, more than one can play at that game. Not to mention that making that threat is not exactly earning them sympathy points. At some point crypto holders and organizations will have to decide whether they want the law involved or no…
The fact that getting taxed is even considered a “threat” is weird and disturbing. It’s not even a downside — 60% of a pile of free money is still a pile of free money.
1099ing recipients and causing a race to unload would nuke them.
Earlier quoted context omitted.
The fact that getting taxed is even considered a “threat” is weird and disturbing. It’s not even a downside — 60% of a pile of free money is still a pile of free money.
You are assuming it has enough value at the time you liquidate to pay the taxes at the cost basis the transfer took place. Very similar to stock options ending up worthless you owe $large_sum_of_taxes on because the value declined after exercise but before liquidity. 1099ing recipients and causing a race to unload would nuke them.