/biz/ - Business & Finance

When you use the card you ”cash out” - the USDC is trades into USD

>>27731494
you are missing something, but thats okay. keep doing what you do.

>>27731494
The get your SSN and I've seen posts saying they do indeed send out 1099's. Pay your taxes, silly goy.

>>27731937
what am i missing my friend

>>27731494
not until they make a tornado.cash visa which will never happen

>>27731494
you owe taxes on every trade

>>27732153
Ok but so what? If you’re sending USDC of say 5k at a time to pay rent and such there would never be any gains that they report.

>>27732694
This.
So why would you.

>>27731811
Yeah, but there's no capital gains exchanging USDC to USD. The taxable event was exchanging BTC/ETH/LINK/whatever to USDC. So as long as you do that on a non-KYC'd exchange, there's no record of it being sent to the IRS.

I would never recommend doing that as that would be illegal, and I fully support our zionist occupation government.

>>27734304

does crypto.com do KYC?

>>27731494
You still have to pay taxes when you swap your crypto to USDC

>>27734685
Of course. It's no different than how you do KYC signing up for a bank or a credit card. But if you only deposit USDC with them, there's no gains for them to even report to the IRS in the first place.
For daily spending of everyday things like groceries or utility bills or whatever else, it's a pretty solid idea.

>>27731494
OP just read the the transgender industrial complex and than run a sentinel node, thank me later.

>>27734304
It's called Like Kind tax

>>27734831
>you still have to pay taxes when you swap your crypto to USDC
I don't even get USDC. Is it controlled by the Fed or something? Why do you have to pay taxes on crypto-crypto conversion?

>>27734831
I don’t think uniswap sends 1099s

>>27735096
I don't think you're getting what I'm saying. Let's say you buy LINK and make 100k in capital gains. You then swap to USDC. You then deposit USDC in your crypto.com account to use with a crypto-backed debit card.
The taxable event was swapping LINK to USDC. There was no capital gain or loss when purchasing anything with USDC, because 1 USDC = 1 USD. The taxable event part of this whole chain already occurred. And if that part occurred on a DEX like uniswap where you're not KYC'd...

>>27735139
It's the same shit as Tether. Basically there's a company (circle, they're partnered with coinbase) who has a vault full of dollars, and they issue USDC backed 1:1 by the dollars in their figurative vault. Only difference between it and tether is that USDC is actually frequently and independently audited and actually does have 1:1 backing of its reserves.

I don't mind paying taxes on my gains because the space needs regulation and government acceptance, and I'm not a fucking nigger

>>27735595
niggers don't have any tax burden to begin with

>>27731494
There's no point in switching to stablecoins as an american right? crypto to crypto is taxed still, so if you wanted actual dollars youd be taxed twice...

>>27735374
This might be legit

>>27735374
>And if that part occurred on a DEX like uniswap where you're not KYC'd...
then the IRS will be asking you some questions

>>27731811
So you have to pay taxes on the conversion and then pay capital gains on top of that? Man fuck the USA

>>27735857
>>27735374
Wait shit this anon is right I didn't read. But you would still have to report all of those individual transactions from USDC to USD so it would still be kind of a pain in the ass right?

>>27732933
I don't know. My thought is for now, that's true, but there may come a time where the IRS can dig deeper to where that came from. Most .govs are filled with sloths, the IRS is a solid exception.

>>27735374
There will be an obligation to provide cross-chain identity aggregators, otherwise defi will be nuked by governments imo. Look up Litentry for example.

>>27736220
USA is a bankrupt an illegitimate government further destabilized from a coup and struggling to figure out how to get the war economy going again while also treating 90% of their own combat position troops as enemy combatants.
At this point they are throwing out every asset seizure idea they can think of.

>>27735374
I certainly understand what you are saying, and likely agree with you, for now. The problem is that whole distributed ledger technology that records transactions forever.

>>27736922
>coup
retard alert also checked

>>27731494
Please, don't buy [Undefined amount] of XMR,
Nobody can see your transaction history and how much you have please you should not have full possession of your assets, just use your bank card for the love of god, retard.

>>27737823
You shouldn't buy it from a decentralized exchange either, if you really want to buy it just do that on a KYC centralized exchange so there is a track record of your exchanges, to avoid being anonymous. Your money is not yours and you do not own it, you should just be cool with it and obey, stop searching for ways to have true ownership of your assets.

>>27736094
If you were funneling ridiculous amounts of money into the crypto card, then sure. But if you're just using it for regular everyday small purchases, I doubt it.

>>27736948
There's monero if you're especially concerned. But I'm not. They can't definitely say that you definitely hold the keys to this wallet address. Remember how Mnuchin in December wanted to put through new laws requiring exchanges to obtain KYC before allowing funds to be withdrawn to private wallets? They wanted that for a reason.

>>27736745
Perhaps one day, but not today.

>>27735722
>niggers don't have any tax burden to begin with
except
>lottery
>scratch offs
>liquor taxes
>check-cashing fees
>payday loans
>bail bonds
>court fees
>...

>>27734304
Who fucking cares, the irs isn’t going to come after you on their own. Someone needs to rat on you. I recommend just trickling 2000 a week. If you really don’t want them to fuck with you, slowly fill a Roth or vanguard with your gains. You don’t need to cash out 100k all at once.