You guys realize what the Coinbase listing / American Binance ban means right?

You could if you had a mineable coin, could do OTC transfer and lie that you mined it and if they bother to audit just say machine was sold/trashed. LINK wasnt mineable tho

Checked

Does this mean link can't be pumped and dumped anymore? Is this true for all coins on coinbase?

You can then cash out in another jurisdiction. No problemo.

youtube.com/watch?v=D9ioyEvdggk

checked

Of course you can, you simply open a charity fund in a tax haven and dump your crypto there.
Billionaires around the world do this all the time with everything, they never pay taxes.

True but it still is a huge pain in the ass to do this, whales have been nerfed big time.

holy shit. Unironically turned bullish from the $1000 get and this thread. It's real IT'S REAL

If you just say that, tax authorities will just say that your adjusted cost basis is 0 and that the whole sum is taxable once sold into a barter transaction.

There is no "just saying" when it comes to this kind of shit.

True, the whale manipulation will happen less and only at the market peak, but it will still happen.

I "gifted" BTC to normie friends at the peak of the 2017 bull run. Not a dime paid and my normie friends are too retarded to know the tax ramifications or they sold all their BTC for shitcoins. None are reporting meanwhile I'm 100% by the books.

>Coinbase listing
So what does this mean? I have my links in Coinbase wallet as erc tokens. Will they automatically change to Chainlink?

It means you're an afro-american and you'll never going to make it.

I realize it kills the brainlet burger and Link fud, which was always comedy gold from a crew of morons.

The trade itself is taxed. Every time you place an order you owe income tax. Swinglinkers now owe millions in taxes, even if their stacks aren’t worth that much.
And be sure CZ is reporting your accounts to IRS in September, that’s why burgers now can’t withdraw without KYC

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>Swinglinkers now owe millions in taxes, even if their stacks aren’t worth that much.
That's not how it works. You only pay tax on the percent gains of the cumulative trades. If swinglinkers make $15k through swinging, they pay $1k in tax. If they lose money swinging, they don't pay any capital gains tax.

>yfw this means a new bottom is in and link holders cant sell or reap the rewards from holding prior to today without getting fucked on taxes
Lol thanks for building a floor for us Chads, linkies. Lets push this thing to $1000 and only sell off the LINK purchased and held on coinbase. Oh wait, you poor bastards won't be able to cash out with the rest of us LOLOLOLOLOL

...what are you saying?

It’s actually how it works, it’s not cumulative. You must be new here, because back in 2018 the regulation caused bitcoin to break 8000 and dump to 6000, there was outrage

Look into US Crypto tax code and ask yourself why its a bad idea to sell an altcoin you collected outside of coinbase on coinbase, especially if you were using binance to compound and no longer have an easily accesible trade history.

crypto is still technically "property", so the irs, with that label, can go after a percentage of every transaction on top of you cashing out.

I have full KYC on binance and have reported all my gains and I have a full transaction history. I have also never swing traded, I only buy and hold.

Coinbase blocked any wallet making transactions they deemed "illegal". I bought Usdc direct from CB and sent it straight to binance for LINK multiple times. They knew what I was doing and never stopped me.

If thats true, good on you. A good portion of the rest of Jow Forums is fucked though and wont be able to handle the big boy taxes due to the swing trades. They'll have to let the LINK sit or try to find another way out of their position if they want to sell. And since most wont be able to find a way to sell without fucking themselves up, a new floor is in.

What if we sell for tether which should also be considered property?

Why did you mention link holders can't sell then? Anons that employ my strategy of buy and hold should be fine right?

Gifts are taxed after a certain amount so correct you can't get away with it

You should be fine as long as you have proof that you actually bought and held instead of swing trading. You're fooling yourself if you think even 20% of the degenerates here actually held without swinging once over the past year.

What If I mined then swapped to link using a wallet?

Mfw I was waiting for link to bounce to 1.66 to buy

I've paid two years of crypto taxes already. You're wrong kiddo

how much $$ did jews take from you brudda

Yes, it is "cumulative." You deduct losses and pay tax on the net capital gains.

Imagine paying taxes on crypto

I've over $40k on crypto and never paid a dime, and never will

Its good to not be a burguer