/biz/ - Business & Finance

>>56929104
Fuck no

>>56929104
I keep 3 BTC on Coinbase but my 8000 XLM in a ledger.

>>56929142
Why not store your BTC locally on your computer?

>>56929104
I keep my cash in a high interest savings account. I do not own crypto. My entire existence on this board is to wait for it to dump and then bobopost from the comfort of my toilet. Crypto niggers have ruined this board.

>>56929104
It's split between two exchanges but yeah. Wouldn't want to do it for long term holds though.

>>56929104
No. Thanks for asking. I keep them on my ledger and my special autist staking pool. I play with loose change coins on my DEX of choice at the moment. Thank you anon.

>>56929161
>store hundreds of thousands
>get hit in the head while showering/boxing/just forget your password
>kys
this is why i trust Saylor and I just buy MSTR. I can have 1,000,000$ and know I will not lose it to a fucking brainfart that makes me forget a password.

>>56929176
>>56929142
I only keep the coins I'm trading or selling on my CEX. Everything else is on different wallets.

>>56929104
Yes, I'm actively trading on Binance.

>>56929104
Yeah mostly. Exchanges will fuck you with an incomplete 1099 if you don't. It wouldn't be so bad if tax preparers weren't braindead fucking vegetable retarded. I kept records of every deposit and withdrawal and the exchange (bittrex) reported all my deposits as zero cost basis gains. I would deposit cash to coinbase and buy usdc, then transfer the usdc to bittrex. Then I'd buy a token and withdraw it. When I sold I would deposit the token back on bittrex to sell. I did this maybe 5 times with $7k worth of assets. They sent me a 1099 reporting that I made $79k lol. Not even. I turned $7k into $12k and then lost $8k. The cpa charged me $1300 to look at about 18 trades including deposits and withdrawals. Worst experience of my life. So I just leave everything on gemini now and never move coins around. Maybe tax preparers will learn how to track crypto but until then it's a nightmare. I still need to revise that tax year but I'll only get like $1500 back and that will probably cost me $300 at least. Which might trigger an audit.

>>56929104
Yes. I have almost my entire net worth in Binance.

>>56929658

>>56929658
>>56929253
Me too. That's safe, right?

>>56929344
>Taxes problem
Trade on DEX

>>56929744
It should be safe. I've seen other people get hacked by exposing their seed phrase.

Depending on your wealth, transfer $10k / $100k / $1M as USDT back to your cold hard wallet after you get enough profit to double your initial investment.

>>56929104
>please upload a government-issued ID along with a recent photo of yourself
>oopsie woopsie, we detected fraud and unfortunately have to freeze your funds pending an investigation

>>56929104
not all of them. but i have a bit on boincase

I have like ~10k on coinbase and ~300k across my browser extensions

coinbase is my off-ramp

>>56929104
>tfw in crypto 7 years
>never had a wallet, never lost funds, made 7 figures
In it for the tech though.

>>56929163
You know cash is a terrible investment long term right? Even with high interest you should keep only an emergency fund on that savings account and invest the remaining in low cost indices. Your fear of volatility and risk premium is keeping you out of real returns.

>>56929163
Every spare dollar I have flows into my offset account.

>>56929344
>CPA charged him $1300
You got gigajewed. Find a new guy. Mine is also a tax attorney and I handed him a 6" binder of shit last year with a writeup on the front trying to explain wtf happened. I had a bunch of weird crypto shit, airdrops, off-exchange txns, stuff that went through ftx, my tradfi, business pnl, normal income, interest, etc. $200 and a week later I was settled. If you're paying more than a few hundge for a bean counter you are getting scammed

>>56931643
Cash is the best investment right now, because maybe in a few years cash will be the king.

>>56929344
You got IRL scammed anon. Just keep track of your own records in an excel sheet and fuck all crypto exchange 1099s. They don't know the half of what the fuck you are doing so don't play along as if they do. Just because they report a $0 cost basis does not give the IRS a foregone conclusion that you owe $x amount. It's just a "need more information", hence why you track everything yourself and completely ignore the incomplete 1099s.

>>56929104
I unironically have about 100k$ on binance. More than half of my net worth.

>>56929744
Funds are safu (except now CZ is gone, thereby severing the thread of prophecy and the glowniggers are sniffing your every move 24/7 to come up with a reason to lock your shit up)

>>56929344
This is why I buy MSTR. If Saylor goes bust I always keep a shotgun near.

>>56931438
>i held my shitcoins on an exchange for 7 years that didnt get hacked
larpieee

>>56929344

just use something like cryptotaxcalculator, it tracks every transaction and gives you an accurate report and its like 200 bucks per tax year

Not since ftx

In 2013 I left around 500k DOGE on Cryptsy.
Yes, the founder exit scammed.

>>56929104
does having them locked as veCRV count?