Hi Everyone, I recently collected some crypto profits and would like to transfer them to my Belgian bank account (I am also Belgian).
But that means that I have to hand over 33% to the tax authorities.
My girlfriend is Serbian and has a Serbian bank account.
After some research, I discovered that crypto profits in Serbia are not taxed at all.
Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?
It seems like a waterproof system, but I am really not entirely sure.
Thanks for helping me with this.
to clarify, the money is all held in BTC/crypto which is in your possession? it's not sitting in a KYC-verified exchange account or something? and i take it your girlfriend is a belgian resident? here's the main issue: as a belgian resident, she would technically be on the hook for income tax too. it doesn't matter what her citizenship is. https://en.wikipedia.org/wiki/Taxation_in_Belgiumso you're basically just hoping that between her bank and the belgian tax authority, that no one catches wind of all this cash flowing into her bank account. if they ever come asking questions, she won't have a legitimate reason for not reporting/paying the taxes owed. the amount of money in question makes a difference i'm sure, in terms of the risks involved. |
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An US people can offer insight on this?
you might get more responses on the "exchanges" board. Would you say this list is correct? binance.us is also a fiat exchange. they have a BTC/USD market and process bank transfers. bitflyer is another option for fiat exchange. https://bitflyer.com/en-us/Now because im outside the US, i do have an account on binance.com international site. So i have bought altcoins there. But could i actually buy/sell btc or coins with a us bank account on the binance international site? Thus imagine selling btc on binance for usdt... then transferring it to my us bank account? Or is that not allowed? Or if it is... is it only wire or option of ACH? I know wire is more expensive. binance.com doesn't support fiat. CZ said they don't plan to IIRC. you can technically send USDT to your binance.us account and trade it for USD. or you could send altcoins from binance.com to binance.us, assuming they are supported. you may wanna be careful though since binance.com technically doesn't allow americans---citizens or residents. if you're constantly withdrawing to your verified binance.us account, i could see your account getting flagged for KYC. I wanted to use gemini but the issue is they require me to have a US SMS phone number as a two factor authorization. I do have a US google voice number though and they don't accept it so I can't use gemini.
Coinbase however, does allow me to use my google voice number. So i could use them. But i heard avoid coinbase because there are so many issues with it... especially when they send you a tax document even if you hit a certain amount in transactions... even if that is not profit. Is that still true? Recall someone getting a 1099 for over 100k... but that wasn't their profit... it was just total amount of transactions when their profit might been only a few grand.
Bitstamp i heard is good option for US customers especially if they are abroad. But someone said they don't allow you to withdraw via ACH... only wire. So the fees are much more expensive.
Kraken i heard of. But is this mainly a US exchange or world wide exchange? Do they do ach or only wire? kraken also only supports wires---no ACH. but they have the cheapest fees aside from binance. coinbase is not sending form 1099 anymore. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-centerit should be easy enough to get an SMS # for gemini's verification. IIRC, that is just a one-time verification. |
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Interesting read. One of the smarter and more informed opinion pieces I've had the pleasure of reading.
He contends blockchains will lose prominence in a paradigm shift towards off chain layer 2 applications. And that alts whose unique blockchain features are their main claim to fame will fall by the wayside as a result of them being less suited to survive and thrive in an off chain world. edan yago has been saying this for 5+ years. IMO, he's overly focused on this idea that all value must converge on one cryptocurrency---bitcoin. he never expected ethereum to blow up like it did. he expected rootstock to emerge way ahead of it. it flopped instead. i don't trust his read on the market. he's biased. he puts his anti-altcoin politics first and foremost, which IMO clouds his judgment re where the market is actually headed as a whole. he's telling us what he wants to happen, not what is actually gonna happen. with his track record, there is a big difference. |
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I am very skeptical of this article. Institutional investors do not fomo buy similar to ordinary investors. says who? institutions aren't some mythical beings that only buy bottoms and sell tops. they may have stronger hands than retail---because they have deeper pockets---but they chase markets like everyone else. Also, a judge will determine Tether’s case on January 15. Might this be Tether held in exchanges are traded quickly for bitcoin for safety?
nope, the 35k outflow came from coinbase, who doesn't support USDT. |
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I first got into bitcoin back in May. A friend helped me set up a Robinhood account and all this time have been buying bitcoin through there. Thanks to twitter I recently found out that I don't actually own my bitcoin keys and this whole time I thought I did. Now I'm panicking. How do I take ownership of them? It says on the Robinhood website they are thinking about giving people their own keys but who knows when that'll actually happen if at all. What should I do?
there is no guarantee they'll ever allow crypto withdrawals. it's been almost 3 years already---i wouldn't count on it. if you want your keys, you need to liquidate your positions on robinhood, withdraw the fiat to your bank account, then use it to buy real bitcoins on an exchange (kraken, coinbase, etc) or p2p marketplace (localbitcoins, localcryptos). then withdraw the coins to a wallet you control. |
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Thanks for the answers! How about the transfer from Coinbase to my hardware wallet? Coinbase wouldn‘t know that I am transfering to myself. Do they only file 1099s when going from BTC to USD, or also for transfering BTC to a wallet?
as far as coinbase not knowing that you're transferring to yourself, that may change very soon: https://bitcointalk.org/index.php?topic=5293390.0anyway, when they send a 1099-K to the IRS, it reports gross trading volume---BTC/fiat or altcoins. deposits, withdrawals (to your hardware wallet), internal transfers between coinbase and coinbase pro, etc do not count towards that number. note: in a surprise twist, coinbase will stop issuing form 1099-K, and they won't be issuing form 1099-B like square does either. https://help.coinbase.com/en/pro/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center |
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-altcoiners are clearly near capitulation. (after capitulation usually comes reversal)
Capitulation? Reversal? Tell that to a penny mining stock shareholder whose shares have become worthless. nocoiners say the same thing at the bottom of bitcoin bear markets---same idea.  there's a big difference between an altcoin dropping 80-90% against BTC in a multiple year bear market and "becoming worthless". any bitcoin investor who has lived through a bubble and the bear market that follows should understand that. maybe "this time is different" but that mindset usually doesn't work out. altcoin greed is inevitable in a bitcoin bubble. I can see Ethereum going up, it's the main coin for smart contracts and all the stuff based on smart contracts, but what BCH and BSV have to offer? They are just counterfeit Bitcoin, institutional investors would be dumb to buy them.
CME is launching ETH futures next month because of institutional interest in hedging spot ETH positions. https://www.cmegroup.com/media-room/press-releases/2020/12/16/cme_group_to_launchetherfuturesonfebruary82021.htmlin addition to ETHE data, that tells me there is serious institutional interest in ethereum. an ETH bubble would in turn fuel a general altcoin bubble. it's retail, not institutions, who will pump and chase shitcoins like BSV of course. after watching the last couple bubbles, i'm not gonna bother worrying about the fundamentals behind shitcoins. i'm just thinking about how retail greed works in a bubble. |
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Sometimes it's very hard to buy bitcoin with real cash. tell me about it. (selling too) in the USA, the feds killed p2p cash liquidity by arresting so many traders for unlicensed money transmission. LBC implementing KYC and removing cash listings felt like a nail in the coffin. the market never really recovered, but it's still technically alive on localcryptos, and now that bitcoin is at ATHs i'm seeing more offers than ever. i will say, i'm personally fairly paranoid about interacting with the cash market, knowing there are undercover agents infiltrating it. if i deal with the same person twice, it's only after a long time has passed. i don't wanna be construed as running a business and therefore running afoul of FINCEN requirements. |
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Let's not be delusional. I know that Bitcoin maxis are commonly ostracized as too toxic, but they have been right about everything.
Bitcoin's dominance is at its early 2017 levels, and it keeps surging.
Bitcoin Cash and Bitcoin SV are dead. Craig Wright and Jihan Wu are over.
DeFi was a fad that lasted even shorter than the ICO craze.
XRP has always been a scam. Bitcoin maximalists have always been parroting about it, but very few took them seriously until the SEC lawsuit.
The S2F model, which was laughed off as tin-foil-hat nonsense, has been extremely accurate so far.
Institutions don't care about altcoins.
i reckon these will be unpopular opinions in this thread, but i hold them nonetheless: -altcoiners are clearly near capitulation. (after capitulation usually comes reversal) -BCH and BSV will pump later this year with the rest of the altcoins. -institutions do care about altcoins, just not at the same volumes as their bitcoin bets---which is natural, given that they are riskier and lower liquidity. grayscale's ethereum trust is at $2.2B AUM now. that's nothing to sneeze at IMO. |
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I am giving up on Localcryptos, there's barely any sellers in my region esp for bitcoin, let alone any other crypto. keep an eye on the listings, cuz i'm seeing lots of growth myself. i'm browsing through the p2p cash offers and there are like 10x more buyer listings and 5x more sellers than there were a few months ago. i'm stoked, there are 3 new buyers in my metro area. the less i have to cash out through exchanges, the better.... |
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And if you think that is bad, I have seen worse elsewhere.  It's bad, but how low the barrier to entry should be? it shouldn't be based on developed world standards. i think that much is clear. Increasing the block has nothing to do with resistance to censorship. This is another misconception that occurs in the Bitcoin community.
In order to introduce censorship in the Bitcoin system, it is necessary to introduce censorship for all mining pools. But the resistance of mining pools to censorship does not depend on the block size. at large enough block sizes, very few people will be able to run full nodes, and orphaning rates will cause a high level of mining concentration---both factors that weaken bitcoin's censorship resistance. so in an indirect way, it does depend on block size. bitcoin's security model depends on full node security, not mere mining security. it is full nodes who keep miners honest. without a vigorous network of full nodes, bitcoin's security would essentially be downgraded to SPV---the blockchain's history would just be whatever miners decide it is. |
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So many people have been focused on ETH as new "De-Fi" platforms emerge over time. The number of stablecoins available on the ETH blockchain, makes "De-Fi" extremely attractive. It's no secret that most dApps, stablecoins, and tokens are living on Ethereum. But what if Bitcoin gets smart contract capabilities? Then it would be able to outmatch Ethereum in the "De-Fi" space. as time goes by, i'm less interested in trying to have bitcoin integrate every possible feature and use case, including complex smart contracts. that encourages massive blockchain bloat (just look at ethereum!) which in turn will threaten bitcoin's primary use case as decentralized money. and that's really what matters---retaining the decentralization and consensus that underlies bitcoin's monetary properties. i don't care about driving de-fi hype to bitcoin. bitcoin is clearly going to the moon no matter what. Unfortunately, RSK is not very popular in the crypto/Blockchain space. can anyone give me the tl:dr on what RSK can do (or not do), and why nobody uses it? i remember it was the talk of the town a few years ago. |
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on top of bitcoin smashing through $30k, this is adding more fuel to the fire---bittrex is de-listing privacy coins monero, zcash, and DASH. https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21XMR dumped 20% on the news. is this the death knell for privacy coins? it was one thing when a few japanese exchanges removed them. but bittrex? they're in the top 10-15 exchanges in the world, and i have to wonder if they'll be the last to make this move. in an overregulated industry, the niche for privacy coins might be quite small. they are set to lose a lot of market share. i suppose bitcoin will swallow a good deal of it up. |
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Just some update: US representatives ask Mnuchin to extend comment period for proposed wallet rule to traditional 60 days. Now, Reps. Tom Emmer, David Schweikert, Warren Davidson, Ted Budd, Bill Foster, Darren Soto, Susan DelBene and Tulsi Gabbard have signed a letter to Mnuchin, with FinCEN Director Kenneth Blanco cc'ed, asking the office to extend the period to 60 days. If the rule is implemented, the letter also asks FinCEN to consider a six month extension of implementation to allow stakeholders to find solutions to the upcoming rule. Are they just extending the inevitable here? Or are we going to find middle grounds? 60 days + 6 months would be a godsend---too good to be true. if that happened, it would probably kill the proposal since biden is gonna appoint a new treasury secretary, who will likely appoint a new FINCEN director. i don't have high hopes that 8 house reps will turn the tide. i really hope i'm wrong, but i get the feeling the treasury department is gonna cram these regs through before trump leaves office. they don't explicitly say in the proposal when the new rules would go into effect but this makes me think it could be immediately: FinCEN has determined that the substantial concerns about national security, terrorism, ransomware, money laundering, and other illicit financial activities discussed above, and the need for an effective response in a rapidly changing area of major national concern, support making the amendments in the proposed rule effective as quickly as is feasible. https://public-inspection.federalregister.gov/2020-28437.pdfthe other thing i'm waiting with bated breath for: implementation of the travel rule, with a possible $250 threshold instead of the FATF's recommended $1000.  |
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she's intent on whipping crypto twitter users into a frenzy and ridiculing them publicly, not having an honest conversation about bitcoin in relation to modern monetary policies.
BUT running a narrative based on false premises? I believe she deserves the jeer and mockery. I believe it's fair. Did she actually believe everyone would take it without derision? bitcoiners think they're publicly mocking her, but in reality she controls the narrative. she is the influencer with a captive audience of nocoiners, projecting the idea that we are totally irrational. a bunch of rabid bitcoiners yelling on twitter does not help our case---she is very good at twisting things into a narrative where bitcoin investors are not only an irrational cult, but straight up detestable people too.     ......not that i think any of this matters per se in the long run, but the people getting all worked up on twitter are playing right into her hand. this type of antagonization does not put bitcoin into a positive light. i just wish people would take a more orderly, academic approach to debunking bad arguments than raging out on twitter and yelling things like "have fun being poor!" at her. |
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The next 24 hours should be interesting since it’s a new year. Those that made lots of profit probably want to cash out on the new year to move it to next years taxes or to fall under a lower tax bracket next year. if you're in profit and it's a new tax year, why cash out? i don't understand the motivation to sell just to trigger a taxable event early in the year. "tax selling" usually refers to traders realizing capital losses, before the new year, so they can lower their tax liability for that year. this sometimes exacerbates bear markets in november/december because so many traders are sitting on losses and want to close out at the same time. ......but in a bull market? you don't see the same effect. Markets like stocks are also crazy. Everyday Tesla keeps going up and up and nobody knows why. Pretty soon Elon musk will be the richest man on earth.
imagine what'll happen if elon pulls a microstrategy and starts putting all that cash they're sitting on ($14-15 billion) into bitcoin.  |
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What major differences, if any, are there between holding bitcoin on an exchange versus owning gold bouillon at a precious metals depository? They both appear to be IOU's for a commodity that would be costly to store on your own.... you're correct about the IOU part. i disagree on the second point. bitcoin is extremely cheap to store on your own. one of its key features is portability. an output worth $1 billion is the same size as an output worth $1. this is completely unlike gold, which becomes incredibly expensive to store at scale, due to the physical facilities required to house it. imagine storing billions of dollars worth of value in a thumb drive, or hidden inside a set of 12 words. that's the power of bitcoin. |
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My initial thought is that she is an idiot who doesn't understand math. I think in reality, she is carrying water for the fiat loving, anti-freedom political class who sees bitcoin eating away at her power. she literally wrote a book advocating for QE and helicopter money.   her message is calculated---and it is not intended for people like us. she's intent on whipping crypto twitter users into a frenzy and ridiculing them publicly, not having an honest conversation about bitcoin in relation to modern monetary policies. |
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