I wish I had that much to lose but I'm not envious of his anguish now. He always comes to me for advice about tax and such, Wish I could help him. Hard seeing someone go through such a thing, he hjust keeps saying why didnt I sell

I do realize this is an optimistic forum. I invest just a little in crypto also but I am having my wonders right now. Seems like when the whales are able to buy bitcoin on these huge dip, they will buy, raise the price. Now being able to short it, they will do that then sell it. Rinse and repeat, pocketing the investors money and its legal since its not regulated. It scares me.
Also, do many know about the tax implications? do you have to be living in a in a state with no state taxes at the time of sell or the time of cashout to avoid state capital gains tax? thanks

you don't think the bubble is popped ? seems like all the new people that got in around November have gotten disgusted, sold out and will never come back. I have a feeling it may take a very long time if it comes back at all

A friend had 2.3 million in crypto 2 months ago. He makes about 60k at his job. He wanted to get to 3 mill and cash out 2. also wanted to establish an address in a state with no state taxes. Florida, Texas, Nevada before he sold it. Not sure what the tax implications are when you sell the crypto or when you cash it out so maybe he wanted to  sell it, then move before he cashed it to his bank account. Regardless he is sick now, won't leave the house, takes klonopin and ambien. Many tell him to cash out the 700-800k he has left but he still has confidence it will come back and wants to retire with it or just keep workin. I don't know what to tell him. What would you do ?

Sorry, should have clarified, its a local bar/business  I am primarily concerned with tax implications, thanks

Thinking about purchasing a small bar for about 150-200k. I have more bitcoin on hand than cash. Should I use the small amount amount of cash I have or sell bitcoin to purchase? I know I am probably better off doing nothing, especially if its crypto appreciation vs buying a bar but I'm getting old, its something I wanna do and its also good diversification. Any feedback, tax tips greatly appreciated. Thanks

Thanks, So it makes no difference when I receive bitcoin from a merchant when coinbase has a higher price than gemini ?

currently, coinbase has bitcoin priced at 2651, gemini 2635, pooloniex 2565. Usually coinbase price > gemini > poloniex. Was wondering if it mattered where it was sent

If I had a merchant send me a large amount of bitcoin, should I have it sent to a wallet that has a low or high price ? Does it even matter. My 3 options are to have it sent to Gemini, coinbase or poloniex. If I were going to eventually send bitcoin from gemini to poloniex, should I just have it sent to polonoiex ?  Any help  greatly appreciated