Pls halp. I'm a shit coin-trader and I'm too dumb to write a trading bot, so this is my one chance to make it.
>wrote an arbitrage bot
>earns about 2% profit on each swap
>basically own a money printing machine
Problem is that I'm swapping btc/fiat pairs so I have to wire fiat through my bank onto exchanges.
To make decent money, I have to be pushing about $100k a week through my bank account, so that adds up to more than $5 million turnover a year.
What will happen if I do this? Will my bank flag this as suspicious activity and get the government involved or (((shutdown))) my account? Should I notify the bank of what I'm doing? What problems might I run into? I'm thinking of starting a company and paying taxes and shit - perhaps talking to an accountant.
seriously? No-one?
>>3216342
I know how you feel OP.
I have a trading bot that makes 1.5% profit, its trading with $2 at a time with a total of $20 tied up. Makes a cool 10c/day.
So far the bank has not asked any questions, I think youll be fine!
>>3216342
you probably need a (((license)))
/biz/, literally morons as always.
Don't use btc-fiat pairs, just do arbitrage with alt coins.
>>3216549
Talk to your bank,
Look up the laws regarding reporting taxes to the IRS
Maybe speak to a lawyer regarding financial day trading?
You're not breaking the law, but if they don't know what you're up to it'll look like it. Best this is to be upfront.
Also how the fuck can you arbitrage fast enough when it takes so long for money to move between exchanges? Do you guess which direction it'll go to or which exchanges are undervalued?
>>3216549
If what you are planning is truly as profitable as you say it is, then do things legit. Don't try to out run the tax man. Not worth it in the long run. Talk to an accountant first and see how you can do this all legit. I wouldn't start a business or anything cause ultimately you'll end up paying more in taxes. Crypto gains should only count as capital gains, you don't need all the headache and extra taxes that come with owning a company.
I mean, I'm no accountant. Maybe if you start making enough money then it will be worthwhile from a tax perspective to do things through a company. But I would start making some serious cash first before going off and starting a company for it.