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BTW bitcoin was suppose to be anonymous and for a few years it was.
Yes and no.
Bitcoin is about as anonymous as a phone number or IP address.

Then Coinbase had to disclose the identities of all the American accounts .In 2021 Coinsquare has a tax tab and all of this is available to CRA so there is practically no way not to pay taxes on bitcoin when you sell and withdraw it now.
Gambling wins in Canada are tax free but I am paying capital gains on the bitcoin profits I have made on sitting on my coins .
I don't see the problem, if you make a taxable transaction, you should pay the applicable taxes.
The practical way to not pay taxes is the same as any other transaction, just break the law and don't pay the taxes you owe.
 

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Some people are looking pretty foolish now and talking gibberish.

Michael Saylor of MicroStrategy claims he hasn't lost anything on his bitcoins because he hasn't sold any.

I think most investors think $1 billion in "unrealized losses" is an important metric.

Amazing how many public figure pumpers of crypto are now claiming they sold everything just in the nick of time, when a week ago they were still pumping.

When the regulators peel back the layers of the onion.......it is going to be rotten inside.
 

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There are 497 threads on CMF with content for "bitcoins".

Crypto has had a lot of discussion on CMF.

It is interesting to look back to view the discussion and debates over the years.
 

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Discussion Starter · #65 · (Edited)
Then I became a buyer again at $10,000.My friend cashed out 1 million a couple years sent revenue Canada roughly $400,000 when he did his taxes ,a year later they sent him back almost $200,000 determined it was capital gains not basic income taxes so he bought a Lamborghini and cashed out more to cover it. In my own circle i know many who have thousands of coins ,even this month my business will be paid around $60,000 in bitcoin and I hate it because I much prefer to have a bank wire .I have no choice but deal in bitcoin but each time i get paid it is a gamble if I will get it out in time. I believe we will see $40,000 bitcoin again and for that reason I will sit on some coins for now
That's crazy the CRA sent $200k back. They're probably just happy he filed like a good boy

I filed what I sold off last year as capital gains however due to the volume I figure they will want me to refile as income. There is no way to know because the rules are so vague. I already have more income from crypto this year than salary even in a bear market so I imagine at this point it's clear I will need to file as business income.

I've heard the gambling industry used as an example of what happens when the government tries to outlaw something based on some kind of moral superiority. People still like to gamble even if the US government said it's bad mmkay. So in the end they just lost all the tax revenue because the business and money went elsewhere

So did you have to structure your multi-million gambling businesses from off-shore islands? Is that why the profits come in BTC? Does Canada lose out of tax income because of this? What do you think about the US banning online gambling and whether it made sense? Do you think Canada should ban crypto to protect us like sags wants?

Do you know any good business tax planners? I think I need to structure an online business I don't see why I would domicile a digital business in Canada?
 

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That's crazy the CRA sent $200k back. They're probably just happy he filed like a good boy

I filed what I sold off last year as capital gains however due to the volume I figure they will want me to refile as income. There is no way to know because the rules are so vague. I already have more income from crypto this year than salary even in a bear market so I imagine at this point it's clear I will need to file as business income.

I've heard the gambling industry used as an example of what happens when the government tries to outlaw something based on some kind of moral superiority. People still like to gamble even if the US government said it's bad mmkay. So in the end they just lost all the tax revenue because the business and money went elsewhere

So did you have to structure your multi-million gambling businesses from off-shore islands? Is that why the profits come in BTC? Does Canada lose out of tax income because of this? What do you think about the US banning online gambling and whether it made sense? Do you think Canada should ban crypto to protect us like sags wants?

Do you know any good business tax planners? I think I need to structure an online business I don't see why I would domicile a digital business in Canada?
My business is advertising and marketing , Online casinos are some of my clients but not exclusively. I have been doing this work for 16 years and pay all taxes but I am also a very good poker player too:)Yes in 2006 supposedly the USA was over for online gambling but things like bitcoin ,gift cards kept that alive. I only have businesses in Canada and pay all my taxes here ,I have Canadian friends who moved to Cayman Islands and even with 2% taxes they missed living in Canada so money and saying taxes is not everything. I think we are all adults and should make out own decisions on bitcoin but I would never recommend it or pump it ,that is why almost every thread when i mention it I point out I am a gambler but also I have enough money saved for myself and my kids I can afford the risk. I have my own tax planner ,accountant and Lawyer but rather not recommend them in a forum ,there are plenty out there .I have employees ,office and we have done live event planning for our clients so my business is not solely focused online .Any accountant can help you set up books ,I sold assets of my original business a few years ago but had to take 3 years off because of the non-compete clause. Presently I have 38 clients under my current business ,I have no idea if you have employees ,what clients and services you have so cannot advise you on that. BTW bitcoin comes from 2 sources some casinos/poker rooms pay their invoices in Bitcoin ,we have a Coinsquare account for our business and it is same as if we get wire as we withdraw to the bank and pay all taxes on it .#2 the second is personal gaming , I deposit and withdraw in bitcoin and have for a few years .We got clarification from our accountant and CRA before we accepted our first bitcoin fir our business which is a federal corporation BTW .We pay all taxes on it as earned income ,if they pay me at 4am when I am sleeping and I make $100 I declare it right to the penny .
 

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A handful of people making money from crypto is not a revelation for most people. That is exactly what happens in ponzi schemes, pyramids and frauds.

It is all based on the "greater fool theory" and after the recent collapses in Luna and Celsius, crypto is running out of fools with money.
 

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Discussion Starter · #68 ·
It is all based on the "greater fool theory" and after the recent collapses in Luna and Celsius, crypto is running out of fools with money.
Luna and Celsius were both entirely centralized and under-collateralized. They both paid too much yield and instead of de-risking and adjusting to market conditions they both became insolvent when their collateral declined

The only reason Canada and the US didn't collapse recently is that they can print infinite fiat money and bring in or hire cheap labour from around the globe. It's all a ponze scheme sags. Your pension is paid by new people on the bottom
 

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Discussion Starter · #69 ·
Presently I have 38 clients under my current business ,I have no idea if you have employees ,what clients and services you have so cannot advise you on that.
That's impressive stuff. I don't have any employees or clients

I just have a lot of volume and taxable events because even stablescoins are considered a taxable trade. The CRA websites doesn't make it any clearer

Basically says if you were trading regularly to make a profit it's a business but if it was without knowledge or plan to make profit it's a capital gain
 

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I don't have any employees or clients

I just have a lot of volume and taxable events because even stablescoins are considered a taxable trade. The CRA websites doesn't make it any clearer

Basically says if you were trading regularly to make a profit it's a business but if it was without knowledge or plan to make profit it's a capital gain
Yeah bitcoin is only 10-15% of our revenue and it is payment of services ,media buys ,live events ,conference expenses etc ,very small CPA amounts from the affiliate websites we own. The bulk of it is client consulting ,content services ,PPC management etc and these all pay bank wires ,Cheques etc.
 

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i'll need to part ways with you here friend. 8-9% is not nearly enough to compensate me for the risk of this investment, i.e., unsecured creditor to a fintech
Smart move. You applied sound logic!

Indeed, if Celsius or another one of these exchanges/platforms collapses, the crypto koinz might be seized during bankruptcy proceedings by creditors. This happens because there are no regulations in this area which protect client assets.

Lack of regulation = wild west = asking for trouble.
 

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Discussion Starter · #72 ·
Lack of regulation = wild west = asking for trouble.
The US actually did step in an regulate Celsius.

They made it illegal for americans like everything else related to crypto including airdrops (so most airdrops don't go to US IP addresses) Obviously Celsius lost a lot of assets during that time, including a relatively small amount from me

They have too much assets locked up. Sounds like they're being helped by another exchange now.
 

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Have all conservative leaders lost their minds ?

Alberta Premier Jason Kenney announced Alberta is rolling out the welcome carpet to FTX crypto exchange, which is operated by Sam Bankman-Fried, the guy interviewed in the link posted below......who perfectly describes crypto yield farming as a huge ponzi scheme.

“We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy.”
  • Honourable Doug Schweitzer, Minister of Jobs, Economy and Innovation
“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach. Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
  • Sam Bankman-Fried, CEO of FTX
The explanation of yield farming is quite entertaining but it is baffling why an exchange that provides access to this crap is welcome in Alberta.

Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned

One takeaway from this whole conversation is that DeFi might be more similar to Bitcoin than a lot of people thought, deriving its value from collective agreement that the ‘thing’ (in this case the box, or yield-farming protocol) is worth something rather than deriving value from a fundamental usefulness.


 

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^ Let's hope this disease doesn't spread to the Ontario's Cons heads.

Btw, that's called "Innovation" by the geniuses out there. LMAO.
 
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Crypto’s latest meltdown leaves individual investors bruised and bewildered

TOM WILSON, ELIZABETH HOWCROFT, NUPUR ANAND AND ECE TOKSABAY, Globe and Mail June 20, 2022


For Jeremy Fong, U.S. crypto lender Celsius was an ideal place to stash his digital currency holdings - and earn some spending money from its double-digit interest rates along the way.
“I was probably earning $100 a week,” at sites like Celsius, said Fong, a 29-year civil aerospace worker who lives in the central English city of Derby. “That covered my groceries.”

Now, though, Fong’s crypto - about a quarter of his portfolio - is stuck at Celsius.

The New Jersey-based crypto lender froze withdrawals for its 1.7 million customers last week, citing “extreme” market conditions, spurring a sell-off that wiped hundreds of billions of dollars from the paper value of the cryptocurrencies globally.

Fong’s long-term crypto holdings are now down about 30%. “Definitely in a very uncomfortable position,” he told Reuters. “My first instinct is just to withdraw everything,” from Celsius, he said.
The Celsius blow-up followed the collapse of two other major tokens last month that shook a crypto sector already under pressure as soaring inflation and rising interest rates prompt a flight from stocks and other higher-risk assets.

Bitcoin fell below $20,000 on June 18 for the first time since December 2020. It has plummeted around 60% this year. The overall crypto market has slumped to around $900 billion, down from a record $3 trillion in November.

The tumble has left individual investors across the world bruised and bewildered. Many are angry at Celsius. Others swear never to invest in crypto again. Some, like Fong, want stronger oversight of the freewheeling sector.

Susannah Streeter, an analyst at Hargreaves Lansdown, compared the turmoil to dotcom stocks crash in the early 2000s - with technology and low-cost capital making it easy for individual investors to gain access to crypto.

“We’ve got this collision of smartphone technology, trading apps, cheap money and a highly speculative asset,” she said. “That’s why you’ve seen a meteoric rise and fall.”

Crypto lenders, such as Celsius, offer high interest rates to investors - mostly individuals - who deposit their coins with these sites. These lenders, mostly unregulated, then invest deposits in the wholesale crypto market.

Celsius’ troubles appear to be related to its wholesale crypto investments. As these investments turned sour the company was unable to meet client redemptions from investors amid the broader crypto market slump.

The redemption freeze at Celsius was akin to a small bank shutting its doors. But a traditional bank, overseen by regulators, would have some form of protection for depositors.

One of those impacted by the Celsius freeze was 38-year old Alisha Gee in Pennsylvania.

Gee invested “every last bit” of her paycheques in crypto since 2018, which have built up into a five-figure sum. She has $30,000 of deposits at Celsius - part of her overall crypto holdings - earning her interest of $40-$100 a week, which she hoped would help her to pay off her mortgage.

Just over a week ago, Gee got an email from Celsius saying she couldn’t make withdrawals. “I just was pacing in the dark at 2 a.m., just back and forth,” she said.

“I believed in the company,” Gee said. “It doesn’t feel good to lose $30,000, especially that I could’ve put towards my mortgage.”

Gee said she would continue to use Celsius, saying she was “loyal” to the company and hadn’t experienced problems before.

Celsius CEO Alex Mashinsky tweeted on June 15 the company was “working non-stop,” but has given few details of how or when withdrawals would resume. Celsius said on Monday it was aiming to “stabilize our liquidity and operations.”

For some, enthusiasm for crypto is undimmed.

“I have seen multiple bear market cycles by now, so I am avoiding any knee-jerk reaction,” said 23-year old Sumnesh Salodkar in Mumbai, whose crypto holdings are down but still in positive territory.
For others, warnings from regulators across the world about the risks of dabbling in crypto have become reality.

Halil Ibrahim Gocer, a 21-year old in the Turkish capital Ankara, said his father’s crypto investments of $5,000 have tumbled to $600 since he introduced him to crypto.

“Knowledge can only take you so far in crypto,” said Gocer. “Luck is what matters.”

Another investor, a 32-year old IT worker in Mumbai, said he poured three-quarters of his savings - several hundred dollars - into crypto. Its value has plummeted by around 70%-80%.

“This will be my last investment in cryptocurrencies,” he said, requesting anonymity.

Regulators in countries around the world have been working out how to build crypto guardrails that can protect investors and dampen risks to wider financial stability.

The crypto market turmoil sparked by Celsius highlights the “urgent need” for crypto rules, a U.S. Treasury official said last week.

Fong, the UK investor who has lost access to his crypto at Celsius, wants things to change.
“A bit of regulation would be good, essentially. But then I think it’s a balance,” he said. “If you do not want too much regulation, this is what you get” he said.
... deja vu altogether.

I wonder if their "peers" will be shedding a tear for them.

Putting groceries $ into crypto ... how about doing a few hours of honest OT instead? I admit the latter is alot harder than making magical money.

And then there's the other deluder of his cryto still being in "positive territory".

And now these "investors" want regulations or more regulations all of a sudden. So laughable ...
 
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Discussion Starter · #79 ·
Alberta Premier Jason Kenney announced Alberta is rolling out the welcome carpet to FTX crypto exchange, which is operated by Sam Bankman-Fried, the guy interviewed in the link posted below......who perfectly describes crypto yield farming as a huge ponzi scheme.

“We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy.”
  • Honourable Doug Schweitzer, Minister of Jobs, Economy and Innovation
Same Bankman-Fried was the 2nd largest donor to President Biden's campaign and doesn't like DeFi because he prefers centralized things like Solana that he can control. Rumour is he's been bailing out and taking control of a lot of crypto things lately maybe even Celsius

He's like the Larry Fink of crypto - FTX is dominating everything like Blackrock. He's also doing a lot of lobbying in the White House and apparently Alberta. While Honourable Doug Schweitzer appears to be an extremely bright young non-boomer for a politician he has the wrong guy
 

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One crypto analyst described "defi" as a "majoritocrisy"......where those with the most coins control everything.

It sounds overlaying a fiat system that favors the wealthy onto cryptocurrencies and blockchains.
 
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