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22060793 No.22060793 [Reply] [Original]

Listen up retards I've been inspired. Threads have come together of degenerate interests. I might be wrong but I THINK I have just figured out how to get 90%+ of your crypto gains into cold hard cash. Now, caveat: you must have access to a fiat prediction market (ideally Betfair but even Americans could play the same game in Vegas or wherever).

OK so I used to fuck around with "matched betting" when I was a poor student. I'm not going to spoonfeed here -- it's an easy concept if you understand markets -- basically farming the free bets gambling companies give to new customers. Actually if any anons are interested in sports trading: betfairprotrader.co.uk is the best resource I could recommend, guy knows his stuff and doesn't try to shill you ebooks etc.

Anyways with equal prices matched betting is a zero sum game. Now the Jews at Betfair and most other exchanges take 5% (down to 2% if your volume is high enough) commission but even then arbitrage opportunities exist if you're patient enough to find them or competent enough to write a script to do it for you. In any case, I would trade horse races cause they're quick and accounting for slippage my return on matching free bets was usually around 95% of the bonus.

Now what does this have to do with the gurrnment takin my coins I hear you ask. Well -- in most countries, money won gambling is NOT subject to capital gains tax. So you make bets on any one of the numerous bitcoin bookies online (fairlay, augur, etc) while at the same time laying the same bets on a fiat exchange. BOOM tax free withdrawals for tendies. DYOR obviously but it helps to have maybe 5x capital in laying account to the amount you want to "lose" in crypto bets -- pick outside chances ( > 5/1 ) and don't stake a huge % of your bankroll at once (can be real tedious process if you "accidentally win" a few picks in a row).

What do you make of this hack /biz?

>> No.22061020

>Make millions in fake internet money
>Turn fake internet money into fake gambling money
>???
>Buy an island

>> No.22061110
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22061110

Pay your taxes.

>> No.22061207

>>22060793
dude gambling income is taxed at ordinary income levels instead of much lower cap gains rate.
listed to this tard at your peril

>> No.22061265

>>22061207
Not in Canada

>> No.22061292

>>22061207
Not where I'm from bitch, taxed at a sweet sweet 0%

>> No.22061293

>>22060793

I think you are overcomplicating this. Dump money on shady gambling site, withdraw to coinbase and you have a trail that is believable. Pay the gambling tax and nobody will ask questions.

>> No.22061296

You can purchase gold without it being reported.

>> No.22061332

>>22061293
Gambling online outside local jurisdictions is illegal in US and coinbase has shut down accounts over this.

>> No.22061526

>>22060793
>pick outside chances ( > 5/1 )
why?
isn't the idea you create a zero sum situation by betting on an event with only 2 outcomes?

>> No.22061569

>>22060793
>Fuck taxman
>Posts Jesus
You didnt get the "to ceasar what belongs to ceasar" did you?

>> No.22061726

>>22061293
True, could also work
>>22061332
Looks like burgers out of luck so...
>>22061526
You could also do that -- laying the other side of any bet is the same thing
>>22061569
Meh fuck ceasar too

>> No.22062307

>>22061265
You'd have to explain where you got the buy in money. You'd end up in a money laundering case where the burden of proof for asset seizure is significantly lower.

If the casinos were open you could cash out a smaller portion using Shakepay then wash however much you want through a local buyer. Just take their cash and convert 9K into chips, spend $100 on some slots then convert the 9K into washed cash cause you fucking won bro. It'd take forever but might work if you did it across enough casinos.

If you fuck up, you will be labelled a professional gambler and have to pay on what the casino made audit-able (which is nothing if you do it right and are a Richmond Chinese).

>> No.22062398

>>22061207
Not for me

>> No.22062480
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22062480

>>22061569
Caesar? He a bitch ass nigga who got knifed my nigga
He thought he could take it all my nigga but no one man should have all dat power
U being 4 reall nigga? u mad dumb. My boy JC gonna whip all y'all's asses for supporting the global generational debt based fiat ponzi scheme.

>> No.22062624

>>22060793
>in most countries, money won gambling is NOT subject to capital gains tax
I'm pretty sure it's wrong, not in my country anyways

>> No.22062807

>>22062480
this guy gets it kek