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1  Economy / Exchanges / Re: Newbie here...NEED HELP> Robinhood cold wallet and I'm a NY resident :( on: November 25, 2022, 12:21:48 AM
OP adding some additional info & feedback...

Lots of good advice here so far, so thx to all. FWIW I have about ~40.65 ETH @ avg cost of $1970 (About $80k initial invest)

Correct me if I'm wrong, but if i sell my ETH now, I'll get a 1099 from RH showing a $~32k loss. Not versed on current crypto tax law but in stocks there is the "wash sale" rule so not sure if that applies here...my guess is it might. So buying back ETH within 30 days, even if on Gemini, it could be an issue.

One thought is that maybe I open an account at Gemini so it's at least ready to go in case I do decide to cash out of RH.

2  Economy / Exchanges / Re: Newbie here...NEED HELP> Robinhood cold wallet and I'm a NY resident :( on: November 24, 2022, 06:14:10 PM
Get Proton VPN (or any other VPN) and set your location to some other USA city. They have no way to tell which state you live in because it's not on the passport. Unless you gave them your drivers license that is.

But then again, that would be a dick move from them if they georestricted all its users to the state they verified in.

You can also try transferring your coins to Gemini (which does allow NY residents), and withdraw to your cold wallet from there.

I called RH support a few months ago to discuss all this. I believe the issue is they have me officially registered as living in NY and I think I had to send my drivers license when setting up the account. I watched many youtube videos on how to transfer from one exchange to another...problem is my RH app doesn't even give me the transfer as an option which is shown in the videos. Like I needed ANOTHER reason to leave NY  Cry
3  Economy / Exchanges / Newbie here...NEED HELP> Robinhood cold wallet and I'm a NY resident :( on: November 24, 2022, 05:08:44 PM
I am new to Crypto and I have been learning a lot over the past 6 months. I will briefly explain my current situation, then I will explain my problem.

I bought Ethereum on Robinhood (RH), mostly due to no fees but I didn't fully understand the crypto at that time. I now know about "not your keys, not your crypto". So I bought a Trezor cold wallet to hopefully store my ETH safely. I have a HODL type position on all this.

Then I found about this, a copy/paste from Robinhood's website: Robinhood Crypto transfers are currently available in every US state and the District of Columbia, except for Hawaii, Nevada, and New York. We’re working hard to make Robinhood Crypto available in those states as soon as possible. So because I live in NY (yuk!), I currently can not transfer my crypto from RH to a cold wallet. (...no jokes about just move to Florida and problem solved lol...someday though!)

So I now one option is to sell my ETH on RH, then buy into another exchange like Coinbase. One problem there is my ETH is currently below my original avg cost basis & I really don't want to realize the loss. I'm bullish long term & prefer to wait it out. I need the price to get back into the $1900's for me to breakeven.

So any input or advice on what i can do would be appreciated. I remind everyone again that I'm a newbie to the crypto world so my tech skills are limited but slowly increasing.The FTX implosion has me extra nervous now...but I also know getting my cryoto to a cold wallet is my ultimate goal.

Thanks in advance
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