5 ms·
It is one step closer to shutting the doors on Bitcoin as an isolated financial ecosystem. Bitcoin-to-actual-USD is a trackable / taxable event. Whales avoid it
by winslett 4y ago
It is one step closer to shutting the doors on Bitcoin as an isolated financial ecosystem. Bitcoin-to-actual-USD is a trackable / taxable event. Whales avoid it like the plague.
By moving to a pseudo-dollar like Tether, market makers can hang out while they wait for a suspect better buy-in price in the future. Should pseudo-dollars go way, they actual-Dollar transactions get a taxable haircut. Additionally, the friction of going from actual-Dollar to Bitcoin increases.
Tether is effectively behaving as a crypto-clearing house with their pseudo-dollar.
- avalys 4y agoAren't sales of Bitcoin for Tether taxable anyway?
- wbl 4y agoYou are assuming traders are being makpid about IRS compliance and reporting.
- astrange 4y agoDecentralized exchanges probably don’t give you the reports you need to do taxes even if you wanted to do them.
- mateuszf 4y ago> Aren't sales of Bitcoin for Tether taxable anyway? Maybe in US, but not everywhere. For example in Poland where I live crypto to crypto transactions are not taxable.
- Grimburger 4y agoCan't speak for other countries but for Australians, yes, it's a taxable capital gains event.
- imhoguy 4y agoIn Germany selling crypto for fiat after year should be tax free. https://www.coindesk.com/policy/2022/05/11/germany-publishes-first-nationwide-tax-guide-for-crypto/ https://www.coindesk.com/policy/2022/05/11/germany-publishes...