General Crypto Banter - Page 12 | General Non-related | TORN
General Crypto Banter
  • Evil-Duck [1182047]Evil-Duck [1182047]
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    Posted on 22:06:49 - 07/09/21 (1 month ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol
    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions 

    Peace
    Last edited by Evil-Duck on 22:07:37 - 07/09/21
  • BT Seba_Nile [1782274]Seba_Nile [1782274]
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    Posted on 22:09:55 - 07/09/21 (1 month ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol

    Evil-Duck [1182047]

    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions

    Peace
    I say you withdraw through paypal and then buy gold with the paypal.
    Smart.

     

  • Evil-Duck [1182047]Evil-Duck [1182047]
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    Posted on 22:13:48 - 07/09/21 (1 month ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol

    Evil-Duck [1182047]

    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions

    Peace

    Seba_Nile [1782274]

    I say you withdraw through paypal and then buy gold with the paypal.
    Smart.
    It’s entirely up to you, all depends how large sum were talking. I wouldn’t like to attempt that with 6 figure sums, expect to get audited at some point. 


    Id seriously work out the amount of tax you’re liable for, it may not be as much as you think. Capital gains tax isn’t THAT aggressive

    Check out localbitcoins , see if there’s anyone near you looking to pay cash. Just don’t get mugged lol

    Peace
    Last edited by Evil-Duck on 22:18:13 - 07/09/21
  • HAKA Blunt [2076337]Blunt [2076337]
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    Posted on 07:17:15 - 08/09/21 (1 month ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol

    Evil-Duck [1182047]

    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions

    Peace
    Didn't want to be the Debbie Downer by saying this, but its a fact. As soon as crypto is exchanged, bought, or sold its a taxable event.

    Unless your using a BTC to Monero transaction as a node operator on the monero network, or doing a BTC for cash transaction p2p, there's really no way to avoid taxes on crypto legally (aside from tax loss harvesting).

    With that said, tracking the movement of every coin you own, on every exchange/wallet isn't something likely to happen, and you can simply under report or not report your holdings/taxable events, and roll the dice on getting in trouble later or not.

    Unless you created millions in a year though, your not likely to pay much more in taxes. Hell, ill end this bull run well into profit, and not even come close to changing my extremely low tax bracket. If your taxes would end up being raised by more than a few %, you've likely made enough money that it's warranted.
  • Evil-Duck [1182047]Evil-Duck [1182047]
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    Posted on 08:08:19 - 23/09/21 (28 days ago)
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    Everyone still alive?
    Hows the portfolios holding up

    Peace
  • HAKA Blunt [2076337]Blunt [2076337]
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    Posted on 16:29:10 - 23/09/21 (27 days ago)
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    Evil-Duck [1182047]

    Everyone still alive?
    Hows the portfolios holding up

    Peace
    Lol I'm still here.

    I'm actually making some big boy moves.

    Just set up an LLC, am working on getting solar set up, and plan on buying some ASICs miners so I can mine BTC.

    Gonna have a completely green energy BTC mining farm (moreso because it keeps my energy costs extremely low). I'm running it through an LLC so I can get small business loans and such as needed and can write off business expenses vs my mining profits.

    Will take several months before everything is up and running, but thats the plan rn
  • Evil-Duck [1182047]Evil-Duck [1182047]
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    Posted on 21:14:11 - 23/09/21 (27 days ago)
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    Evil-Duck [1182047]

    Everyone still alive?
    Hows the portfolios holding up

    Peace

    Blunt [2076337]

    Lol I'm still here.

    I'm actually making some big boy moves.

    Just set up an LLC, am working on getting solar set up, and plan on buying some ASICs miners so I can mine BTC.

    Gonna have a completely green energy BTC mining farm (moreso because it keeps my energy costs extremely low). I'm running it through an LLC so I can get small business loans and such as needed and can write off business expenses vs my mining profits.

    Will take several months before everything is up and running, but thats the plan rn
    Very nice, i'm pretty uneducated in regards to mining. What ROI are you expecting straight out the gate? And there's far more profitable crypto to mine over BTC, no?

    Sounds exciting brother!

    I was tempted to pick up a rental property but the market is so f**kin heated it doesnt really make too much sense for where I am atm.. so now sitting on cash i need to deploy somewhere

    Peace
    Last edited by Evil-Duck on 21:14:36 - 23/09/21
  • HAKA Blunt [2076337]Blunt [2076337]
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    Posted on 22:03:02 - 23/09/21 (27 days ago)
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    Evil-Duck [1182047]

    Everyone still alive?
    Hows the portfolios holding up

    Peace

    Blunt [2076337]

    Lol I'm still here.

    I'm actually making some big boy moves.

    Just set up an LLC, am working on getting solar set up, and plan on buying some ASICs miners so I can mine BTC.

    Gonna have a completely green energy BTC mining farm (moreso because it keeps my energy costs extremely low). I'm running it through an LLC so I can get small business loans and such as needed and can write off business expenses vs my mining profits.

    Will take several months before everything is up and running, but thats the plan rn

    Evil-Duck [1182047]

    Very nice, i'm pretty uneducated in regards to mining. What ROI are you expecting straight out the gate? And there's far more profitable crypto to mine over BTC, no?

    Sounds exciting brother!

    I was tempted to pick up a rental property but the market is so f**kin heated it doesnt really make too much sense for where I am atm.. so now sitting on cash i need to deploy somewhere

    Peace
    Profitability depends on your pov honestly. BTC mining with ASICS miners has the one of (if not THE) largest week on week returns in a bull market, and has a smaller downside comparatively to altcoins in a bear market.

    100TH/s mining BTC though isn't going to outperform 100TH/s mining an altcoin though, especially if you consider the more long term ... most minable alt coins have a larger multiplier attached to them because of lower marketcaps. But to get that amount of hashing power on an altcoin would be much more expensive

    But as a business, I need stability in the bear market and bull market, and max ROI on the week to week, especially early on. Each miner costs ~$9000. At current prices, id be able to mine about $700 in BTC monthly. Electricity costs brings that down to about $450 monthly.

    That's why I'm converting to solar. That will put me as close to max profitability as possible per miner per month, because it brings my cost of electric down to almost nothing, plus ~150$ per month for the solar loan itself (but thats less than my current electric bill for just my house with no miners, so that's actually a net profit).

    Now with that said, I have to factor in the bear market, which will last ~18 months where BTC could very well go down to the 10-20k price point, which reduced all profits but anywhere from 60-85+%. Again, solar keeps me in profit, but profit gets cut wayyy down to about $150-200 per month per miner. But if I can make enough money mining to cover the business loans I'd need to purchase the miners in the first place, 4 years from now ill be in massive profit on the next bull run.

    And of course, I plan on paying my business loans with my day job, so I can stack my BTC until a more favorable price point early during the next bull run, at which point I'll take profit and reinvest majority into more mining equipment to use throughout the duration of the bull run for max profitability.
    Last edited by Blunt on 22:54:18 - 23/09/21
  • HAKA Blunt [2076337]Blunt [2076337]
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    Posted on 19:16:32 - 02/10/21 (18 days ago)
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    -Hardline internet being installed... check
    -Personal loan for mining equipment... check
    -Solar quoted/being finalize... check
    -Mining equipment purchased... check
    -Business line of credit in place... check

    Got to add a few circuit breakers into my panel and run the line for the 220v outlets, will have to run ethernet cords to hardline my miners, actually get the solar installed (which is a 2-4month process), and then get the miner up and running once it arrives.

    If I can get the solar loan finalized this tax year, I can use the 26% rebate to pay off the personal loan I used to get my mining equipment (and/or buy more equipment). All in all, things are moving according to plan! Should be up and mining by end of October, with solar energy installed HOPEFULLY by the end of 2021 if all goes according to plan!
  • |X| Heisenberg [1574771]Heisenberg [1574771]
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    Posted on 00:35:57 - 10/10/21 (11 days ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol

    Evil-Duck [1182047]

    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions

    Peace
    I was under the impression you have a 12k capital gains tax exception each year

    So long as you don't withdraw more than that yearly should be fine I believe
  • Evil-Duck [1182047]Evil-Duck [1182047]
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    Posted on 01:05:11 - 10/10/21 (11 days ago)
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    Seba_Nile [1782274]

    Anyway legit way to cash out, without worrying about tax?

    Cal [1665424]

    i believe there is a website called crypto to gold where it does exactly what it says on the tin, you buy gold with cyrpto and you dont pay tax on gold (atleast in the UK) pm me if you got any questions.

    happy tax dodging lol

    Evil-Duck [1182047]

    You’ll legally have to pay tax as soon as you exchange crypto for any goods/service/commodity. As soon as you exchange crypto for anything it’s a taxable event, even crypto to crypto transactions

    Peace

    Heisenberg [1574771]

    I was under the impression you have a 12k capital gains tax exception each year

    So long as you don't withdraw more than that yearly should be fine I believe
    That’s correct, 12k tax free allowance for capital gains. But I would assume because he’s asking a way to cash out without worrying about tax that he’s either already used up the allowance or the amount he’s looking to sell will take him over

    Peace
    Last edited by Evil-Duck on 01:06:22 - 10/10/21
  • HAKA Blunt [2076337]Blunt [2076337]
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    Posted on 01:14:22 - 17/10/21 (4 days ago)
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    Asic miner up and running! Have 2 full days of mining so far. Averaging about five one (ten?) thousandths (50k sats) of a BTC per day.

    The miner itself is loud af and hot af. In a closed room, the temp got up to 104 ambient. Got temps regulated down in the 80s now, and it sounds like someone is in my back room leafblowing at all times, but its just in time for all these juicy pumps!
    Last edited by Blunt on 01:15:30 - 17/10/21
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