The Bitcoin / Crypto Currency Thread

only if you’re the ‘cryptocurrency analyst’

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It’s $16K/person/yr in 2022.

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onus to report/pay is on the giver right? Also Limits are per giver?

Limit is per giver (it’s not so much a “limit” as it is the maximum annual exemption that’s not counted towards the lifetime exemption). Don’t know about reporting, but this should have all the answers: Instructions for Form 709 (2022) | Internal Revenue Service

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won’t get anywhere close to the lifetime exemption. Looks like reporting is based on the honor system unless banks report family wire transfers?

I don’t think they report wire transfers to any authorities (other than maybe Chex or EWS, don’t remember which), but they certainly report large cash deposits (CTR) :money_mouth_face:

What’s the problem with cash deposits in India? Did the money… ahem… fall off a truck?

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Cash/Rupees was given to an agent by my parents, and we get cash USD from a local person here in US. It’s a cash transfer system setup before crypto.

My sis will be depositing less than 10k cash at a time, then wire or check to me as a gift for my 1/2. Trying to get her to do it b/f year end for the yearly limits, but sounds like the onus is on her as sender. I’m salaried and i don’t have any unreported income. We’re talking about 25K/yr

I know how that system works, but isn’t that system expensive? Like on the order of 4-5% PLUS a bad exchange rate? Best option should be to deposit cash (Rupees) into a bank in India, then do a wire transfer (SWIFT) to a US bank. Should be cheaper and may get a better exchange rate (may have to insist at the Indian bank that you don’t want them to convert to USD before sending), but I think this depends on the receiving bank.

Don’t do that, it’s called structuring and it’s illegal. She should just deposit the entire amount (50k?) at once and answer the teller’s questions.

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this is why crypto caught on. Stable coins might be the solution if they were better integrated with banking system. I thought BlockFi would be the answer, but I’m glad i didn’t put a lot in it. (

SBF, Southpark style

https://twitter.com/AutismCapital/status/1608182233063645186?s=20&t=bS6JIrTwLOwJ9k6C7HXMQg

Market in bankrupt claims for people looking to sell their deposits on these crypto failures to distressed buyers and avoid the risk and delays of BK. Plus they get their tax losses now.

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Get tax losses for CC rewards? How does one FMV Crypto? Too late for 2022 i guess

Not sure I know what you mean about CC rewards.

For crypto you still own, ie haven’t lost in some Ponzi or exchange blowup, you can still sell today 12/31 to realize a tax loss.

For crypto where you’re not sure what you’ll recover from FTX, Celsius, Voyager, etc, you’d need to sell the claim on your recovery to a third party today in order to realize that loss. FMV doesn’t matter - it’s what the claim buyer will pay.

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SBF’s stake in Robinhood was bought with customer funds.

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i “earned” BlockFi CC rewards for about $200. We’ll find out if i’ll ever get that back thru FTX BK courts Any3rd parties that would buy low amounts?

Celsius

https://www.wsj.com/articles/celsius-network-wins-ownership-rights-to-customer-crypto-deposits-11672865422?tpl=br

The verdict gives Celsius ownership of the $4.2 billion in cryptocurrency that users deposited into its high-interest Earn program, according to a 45-page filing from the U.S. Bankruptcy Court Southern District of New York on Wednesday.

The immediate impact of the decision is to allow the company to sell $18 million in stablecoins to fund the expenses for a longer stay in chapter 11. Celsius executives have testified in bankruptcy court that the firm will run out of money by March, and will need to raise funds to cover the expenses of staying in chapter 11 beyond that point.

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hmm FTX was doing this all along :wink: [Ownership Rights to Customer Crypto Deposits ]

Genesis not looking good

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More exchange woes

https://www.wsj.com/livecoverage/stock-market-news-today-01-06-2023-december-jobs-report-unemployment-rate/card/crypto-exchange-huobi-to-lay-off-20-of-staff-5UvqEw5TKJnZdkJvT8Kp?mod=Searchresults_pos1&page=1

@AureliusValue - $SI customer Justin Sun allegedly looting the Huobi Exchange in real time . “Connoisseur of bank accounts” reported by @verge as under FBI investigation and seeking Guinea-Bissau citizenship.

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Nicely written

Every word they spoke seemed to elicit some new dollar. It was a financial baptism, praise the cash gods, a vision of a new economic order. And so, wallets agape, the investors chattered about The Technology.

A new network that would allow anyone to coordinate and transact around the globe. Yes, yes, fast transactions between any two traders would be the immediate application of this technology, one investor intoned with a recondite raise of the eyebrow. But think about it instead as a protocol for others to build their own applications on top . There would be businesses to support this network, yes, and there would be businesses that would grow thanks to this network, but most importantly, there would be entirely new businesses enabled by this network that couldn’t exist otherwise. You see, my fine friends , letting people share assets beyond their usual jurisdictions would also enable new forms of coordination and new primitives for goods. This— this was the power of this new network for human coordination.

You see, it turned out that the top figure in the industry, a math whiz of one of the country’s finest bloodlines , well-respected by the gentry for mentally tracking the vast sums of capital he had accumulated through various hand-wavey ventures, was manipulating accounts to pay out money he didn’t have while embezzling company funds. That ostensibly genius brain of his turned out to be a double asset, or rather, a double liability: it won the confidence of investors, just as it let him conveniently neglect to write down his accounting in any verifiable way.

By now, you know the story I am telling: the story of how a revolutionary technology in financial transfers and transparency would, in its early days, exploit the lack of existing financial transparency to milk carefree investors. It is the story of overeager speculation, of capitalists making the right bet on a century-defining technology so excitedly that they would end up losing everything. It is the story of one man who destroyed the industry he represented, and the story of naysayers repeatedly claiming victory as the industry bubble would burst and burst again.

It is the story, of course, of Railway Mania.

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