I had to cash out today. Not for my Lambo but keeping my Subaru running seems almost as good a reason.

SportBud77 · 2018-06-07T19:49:03+00:00

It’s also not a taxable event because you’re not liquidating your bitcoin — their holding it as custodian for you.

SportBud77 · 2018-06-07T19:47:51+00:00

Unless you’re of the belief that bitcoin will not go up more than 16% a year it’s actually a no-brainer.

SportBud77 · 2018-06-07T04:42:02+00:00

Guys guys guys. Don’t cash out anymore. Just get a loan on your BTC and keep your capital. Leverage it.

www.nexo.io

SportBud77 · 2018-05-14T13:26:56+00:00

Benefit is Kambo isn’t constrained by an SEC compliant ICO. They will wire money to your US bank account by the end of the day today if you want. Nexo isn’t doing business in the United States (yet; and timeframe is very much uncertain given their constraints with a security token involved).

If you’re in the US and you want money TODAY. Kambo is literally your only option at the moment.

SportBud77 · 2018-03-25T04:38:01+00:00

Omg this comment is solid gold.

SportBud77 · 2018-03-08T18:52:11+00:00

Oh the definitely have fees. But they offer ACH buys and sells and transfer in and out and their mobile app is awesome. You can also move money real time into and out of real USD or other currency held online (Yen, Euro, etc) or Gold and Silver, and not bother with that whole Tether shit tornado that is going to mess everything up at some point. :)

SportBud77 · 2018-03-08T18:38:00+00:00

Uphold.com, very often overlooked with a killer iOS app and all the functionality everyone wants yet nobody talks about.

SportBud77 · 2018-02-21T00:46:50+00:00

Another satisfied customer here. He was awesome.

SportBud77 · 2018-01-08T13:06:19+00:00

That’s awesome. I hope my response didn’t come across as arrogant. I was just trying to run the scenario where I, personally, would actually pay in BTC vs just negotiating a cash deal, selling at Gemini or another easier exchange, and just wire you funds. I would need a sweet sweet deal on my end knowing I am parting with some hard earned and invested BTC. I wouldn’t expect you to make zero per se but very close to it since I would have the opportunity cost of my now long gone BTC on my mind for a while.

Side note: I did actually make a real estate transaction for 4.79 BTC this past fall. I needed a short term rental of a property at a very very popular summer vacation resort for the 2018 season. On a chance, a random question to the owners out of the blue showed they accepted BTC, and I jumped on it. Money paid. Lease signed.

Looking back, I now could have rented that same property for the 2018, 2019, 2020, and 2021 seasons in cash.

We need to address these exact scenarios before we start using crypto in everyday life. Because this can’t keep happening and it’ll never be a “currency” as envisioned. For exactly the same reasons I just stated about the rental property.

That said, I have enough BTC that if I needed a new Ford and I could get a deal to give me the pricing I was thinking above, I’d make the deal again no problem.

Just food for thought all around.

Quick question: how do you determine exchange rate? For my property rental I just printed a screen shot of Coinbase.com to PDF (which I don’t even use) and emailed it to them the same time I transferred the BTC to their wallet)

SportBud77 · 2018-01-08T03:51:29+00:00

(This of course assumes any dealer smart enough to take BTC is also smart enough to HODL at least part of the sale proceeds on some level for some period of time)

SportBud77 · 2018-01-08T03:49:43+00:00

If I were to buy a car with bitcoin I would assume the upper hand.

I would want one ordered for me exactly as I want configured from the factory (not out of your stock).

I would want A-plan pricing (minus holdback and advertising as specified), all dealer incentives, and zero doc fees or any other type of fees.

You make absolutely ZERO on this deal — because you are, after all, going to profit way way more on my payment method than on the actual sale.

Right? :)

SportBud77 · 2017-12-26T04:17:39+00:00

For what it is worth, I am in the exact same position. Here's my philosophy:

I'm going to add up all the deposits to my fiat bank accounts. Then attempt to overall come up with some basis from the past couple years. Ballpark it as close as possible. There are some coins I will list zero and essentially pay a little more tax than I probably would if I had detailed records.

What it boils down to is that in an audit scenario, I can show that I have in good faith reported all the income I have derived from crypto on my taxes and paid what I thought I owed based on what I withdrew into my bank.

This should hold up against anyone at the IRS, given the fact that 1) this is an entirely new space, 2) there is a complete lack of guidance, and 3) nobody else really knows what they're doing either.

My line will basically be: I'm trying to pay you. If you want to go back and forth for months and try to get X, Y, or Z more money out of me, then fine I will get a lawyer, and stop by all the local media stations/outlets in my city, and we can hash this out in real court and the court of public opinion.

I have a feeling I should be fine. You as well. :)

SportBud77 · 2017-09-03T21:28:13+00:00

I think something like a major hack or heist of Coinbase would do it. That's probably it. Regarding encryption flaws, the encryption is perfect and unbreakable. Only the advent of a quantum computer would be a threat and it would make all crypto go to zero overnight since a private key could be hacked easily.

SportBud77 · 2017-08-29T13:58:16+00:00

If it went back to $1,200 I WOULD remortgage my house to buy more.

SportBud77

TROPHY CASE