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/biz/ - Business & Finance

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14864399 No.14864399 [Reply] [Original]

So let me understand this correctly. The government claims crypto to crypto is a taxable event but most crypto’s are literal memes. Let’s take an exaggerated hypothetical:
I buy 1 billion USD worth of brapper.
On some low liquidity exchange I set buy orders for 1 brapper = 1 USD. So now my bra posts are worth 1 billion dollars and if the price stays that way then I owe 500 million in tax after the year is over?
>but anon it doesn’t matter because you didn’t fill any orders
That just adds another layer of crypto. Let’s consider this, I sell my brapper on a DEX with very liquidity where 1 brapper = 10,000 milker. But while I’m selling my brapper on that exchange on another exchange 1 milker = 1 brapper so when I sell my brappers for milkers I’m making gains of 1,000,000%, only problem is the total volume of milkers to USD is 64 dollars so I can never cash out in a million years but now I owe like a billion dollars in tax.
Why on earth would it be taxable until it gets turned into USD.

>> No.14864481

Pay your fucking taxes. don't try to worm your way out of paying them just because you don't feel like it. Taxes serve a purpose a very important one for the country

>> No.14864496

>>14864481
guaranteed replies

>> No.14864507

>>14864481
did you even fucking read it?

>> No.14864523
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14864523

>>14864481
taxation is theft, lol keep coping

>> No.14864529

>>14864481
Please answer my question anon. Have you ever fallen for a liquidity trap? An exchange where the rate on a transaction is really good but you can’t arbitrage it because there’s no liquidity for the third coin. So you’re stuck with massive gains that are worthless. It happened all the time back in the day on yobit. According to the government you owe taxes on fictitious millions of dollars from shit like ESPERS. How can you have a legal system that isn’t logically consistent across every situation.

>> No.14864530

>>14864481

This so much.

>> No.14864532

>>14864481
Here we go. I'm just gonna clear the air.
Inb4 Taxation is theft.

>> No.14864613

>>14864481
>Taxes serve a purpose a very important one for the country
Hurrah for our nigger breeding program!

>> No.14864701

>>14864481
fpbp