Any of you LARPing faggots actually cash out with cryptos? It

nothing wrong with cashing out via coinbase as long as you aren't a tax avoiding criminal

no capital gains in my country, I don't have to report anything

>>3065181
I guess my main question is: Is it true that the IRS is going to fuck your asshole raw if you buy BTC on coinbase, send it to Bittrex, do 500009534058340 trades in various shitcoin cryptos, end up with more BTC, send it back to coinbase and sell for fiat?
I keep reading conflicting information. Do you just report the single transaction of BTC -> USD or do you have to report every single BTC -> Niggercoin -> Pajeetcoin -> Chinkcoin -> BTC trade that occured in between?

>>3065212
what country?

>>3065118
>implying you don't have to report your trading gains if you don't cash out
Just because almost nobody did it since 2013 and because IRS didn't care of wasn't capable of tracking, doesn't mean they never will be.
If live were that easy.

Swissbro here cashed out via Kraken. Never reported anything (no capital gain tax)

>>3065118
> make 7 figures from NEO
> renounce US citenzship
> move to Cambodia

>>3065214
i'd definitely report the niggercoin thing

>>3065301
I made 5 digits so far with NEO but money isn't worth moving away from central Europe. You only live once.
To me anyways. I wanna see many countries, but hardly live in many.

>>3065274
Taiwan

US citizen here. Bought 6500 worth of ETH in march and sold it in june for 91k. Not trades in between.

Should be a pretty simple process when tax season comes around, right? Just report the earnings, pay the 18 thousand or whatever and have the local h&r block send it into the IRS and its done right?

>>3065361
Yes anon, this is simplest situation, for you it's short term so whatever bracket you typically fall into, no doubt it will be right around 20k...

>>3065361

HODL until your very first fiat to crypto purchase is a year old. You will save 14% in taxes.

>>3065118
personally im planning on holding btc for a long-ass time. so yeah, itll probably be more widely-used as a form of currency then so i can just use it to buy shit. i also travel a lot and will use that opportunity to cash out when overseas, spending the money on various asian and eastern european prostitutes. i am also not planning on retiring in this country, so will use it to buy property somewhere nice and build a nice life for myself there. even if i do end up living here through retirement, ill have vacation homes all over the place. traveling for free wherever i go. dont see how i can get dinged for taxes doing any of that.

and worse comes to worst i just pay the taxes. capital gains isnt that bad as long as youve been holding for over a year. just pay your accountant a couple hundred bucks to file them for you. thats what theyre for. toss em an extra hundred and theyll probably let you sit in a recliner and whip fresh grapes at them while they do it.

>>3065118
I'm sorry that you were born in burgerland.
No taxes in crypto in my country too, I can just withdraw it tax free.

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No worries about tax under $10k here.

>>3065118
>then trading back to coinbase to cash out is a big fat no-no?
hmmm... maybe this is why my account was closed

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>>3065118
>Cashing out if you have Monaco, TenX, Shift, Xapo

Newfags gtfo.

>>3065118
bot trader here. I do between 50-1000 small trades per day on a few different shitcoin exchanges. How fucked am I?

So the basic rundown is, move to a foreign country that won't tax me for withdrawing cryptobucks to fiat?

>>3065619
>he doesn't know that you still need to pay tax for each of your transactions with those cards
lol irs is going to rape you my lad

>>3065214
you report your transactions on exchanges to show how you make the bitcoin to prove you're not a drug dealing money laundering cartel mafia assassin
the tax liability is identical either way since only profit is taxed

>>3065509
>whip fresh grapes at them while they do it.

It's been one heck of a work day, Anon. Thanks for the laugh.

>>3065640
If you wouldnt mind. How do you start a bot to trade for you? Always been curious but I don't know where to start

>>3065118

You should only be able to report how much you GAINED from your initial investment.

Then they tax you on ur gains.

Why you would want to report the losses from that shit altcoin to the gains of that other shit altcoin... idk but in the end you have to cash out through BTC/ETH/ or something else.

Gains - (amount you started with) = say goodbye to ur cash as your government takes 95% of that and sends it to the military industry

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Pic related

Just record all transactions, record all of them on tax forms, pay taxes on net gain (but record all transactions not just net gain) and you're fine

>>3066066
Any profitable bot will be made from scratch. You need to have a clear trading strategy first and make sure it works. That's what I did. I saw an opportunity for a strategy for high frequency low volume trading on the 1min chart. My strategy has very clear indicators when it's profitable to make a trade, this is very important for a bot, otherwise it maybe easy for the bot to make the wrong decisions. I traded the strategy for a week myself just sitting in front of the computer most of the day before I was happy enough to devote the time to make the bot.

Pretty much every exchange has a API that you can use to interface with a bot. So you need to learn how to work with that. All exchanges with APIs will have a bit of a manual on how to make requests to trade, get orderbooks, etc. But sometimes they are pretty vague. For the bigger exchanges like polo, bittrex, etc. people have already made sample 'engines/wrappers' to interface with the exchange. So all you need to do is call the function they have already created to do trades and get orderbooks etc. You can normally find the reputable wrappers in the API section of the sites.

That's pretty much it. I'm not a great programmer so it's taken me about 200hrs to make my bot. About 70% of the time it's profitable, and with my capital of about 8k that equates to an average of about $20 a day. With the 200hrs I spent on it I'll be in profit in about 6 months haha, if my strategy still works then.

>>3066428
Alright so learn the API and how to manipulate after I figure out a strategy. Thanks a lot for your time and effort. Much appreciated

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>>3065118
Run along cuckfaggot. Bitcoin isn't for you. Nothing to see here. No money in crypto. Keep on wagecucking. Yeah you got it. Yep yep, you're right. All taxes/impossible to cash out/no real value/etc. KEEP ON KEKIN' ON!

>>3065692
Not necessarily. It depends on whether or not each conversion constitutes a separate realization of gains. If you own corn futures and someone offered you coffee futures at their respective FMV, did you realize a gain?