[ANN] SONM • Decentralized Fog Computing

[MiBambino]

Do you guys sell if it's going 300% to buy again at the old price? These hype pumps are usually temporary

No, because it triggers tax and I want to be able to actually use the profits that I make from crypto some day. Tax rates are usually significantly lower after a one year holding period and if you hold you don't have to pay taxes until you sell. This includes trading alts for Bitcoin or vice versa.

Would it only trigger tax if you withdrew the money in to your bank or even if you were to let the funds (fiat or otherwise) sit on the exchange?

It triggers tax immediately when you trade, no matter if you keep your BTC, alt or cash in an exchange. Of course, nobody will be able to tell that you've sold alts for Bitcoin or the other way around if you're on an exchange without KYC. But if you end up having to prove your trades for tax filings later on, you'll have a gaping hole in your data that will trigger massive fines at best and legal prosecution for tax evasion at worst.

Most people ignore this, so the very few who are smart enough to make large profits will find a lot of people who will find themselves out of luck due to their lack of foresight when it comes to taxation.

Crypto profits are useless if you can't use them to buy Lambos or houses without going to jail.

it's not like that everywhere. I live in Belgium and we don't have capital gains tax or speculation tax anymore; as long as I don't cash out too much OR if I don't reinvest my earnings I won't get into too much trouble.

[BTCMILLIONAIRE]

Do you guys sell if it's going 300% to buy again at the old price? These hype pumps are usually temporary

No, because it triggers tax and I want to be able to actually use the profits that I make from crypto some day. Tax rates are usually significantly lower after a one year holding period and if you hold you don't have to pay taxes until you sell. This includes trading alts for Bitcoin or vice versa.

Would it only trigger tax if you withdrew the money in to your bank or even if you were to let the funds (fiat or otherwise) sit on the exchange?

It triggers tax immediately when you trade, no matter if you keep your BTC, alt or cash in an exchange. Of course, nobody will be able to tell that you've sold alts for Bitcoin or the other way around if you're on an exchange without KYC. But if you end up having to prove your trades for tax filings later on, you'll have a gaping hole in your data that will trigger massive fines at best and legal prosecution for tax evasion at worst.

Most people ignore this, so the very few who are smart enough to make large profits will find a lot of people who will find themselves out of luck due to their lack of foresight when it comes to taxation.

Crypto profits are useless if you can't use them to buy Lambos or houses without going to jail.

it's not like that everywhere. I live in Belgium and we don't have capital gains tax or speculation tax anymore; as long as I don't cash out too much OR if I don't reinvest my earnings I won't get into too much trouble.

Very interesting. What does "too much" mean though? And can you never re-invest your earnings or how does this work?

I know some countries have very low or no tax on assets that were held for about a year or longer and usually any trade triggers tax and/or resets the holding period. But so far I've never heard of limits on cashing out profits.

[mitchel_am]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

[MiBambino]

Do you guys sell if it's going 300% to buy again at the old price? These hype pumps are usually temporary

No, because it triggers tax and I want to be able to actually use the profits that I make from crypto some day. Tax rates are usually significantly lower after a one year holding period and if you hold you don't have to pay taxes until you sell. This includes trading alts for Bitcoin or vice versa.

Would it only trigger tax if you withdrew the money in to your bank or even if you were to let the funds (fiat or otherwise) sit on the exchange?

It triggers tax immediately when you trade, no matter if you keep your BTC, alt or cash in an exchange. Of course, nobody will be able to tell that you've sold alts for Bitcoin or the other way around if you're on an exchange without KYC. But if you end up having to prove your trades for tax filings later on, you'll have a gaping hole in your data that will trigger massive fines at best and legal prosecution for tax evasion at worst.

Most people ignore this, so the very few who are smart enough to make large profits will find a lot of people who will find themselves out of luck due to their lack of foresight when it comes to taxation.

Crypto profits are useless if you can't use them to buy Lambos or houses without going to jail.

it's not like that everywhere. I live in Belgium and we don't have capital gains tax or speculation tax anymore; as long as I don't cash out too much OR if I don't reinvest my earnings I won't get into too much trouble.

Very interesting. What does "too much" mean though? And can you never re-invest your earnings or how does this work?

I know some countries have very low or no tax on assets that were held for about a year or longer and usually any trade triggers tax and/or resets the holding period. But so far I've never heard of limits on cashing out profits.

The bank doesn't really check up on transactions over a certain amount, I believe its 2500 euros a month, which is about 3000 dollars. I'd like to reinvest in property, but I'm considering foreign investment projects ebcause the belgian government seems to be actively pushing away investors by raising property taxes

[BtcMan2009]

it's not like that everywhere. I live in Belgium and we don't have capital gains tax or speculation tax anymore; as long as I don't cash out too much OR if I don't reinvest my earnings I won't get into too much trouble.

Thanks for the info. I was very interested, I know this is useful. And how much is a lot according to your measurements?

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

If this is so, organizers do it, then it will be great. I will soon begin to buy coins.

[pikkie]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

[matthewtherry]

what will be the incentive of companies to trust the source of computing power over already existing companies who comply with laws? Is there more than a financial incentive alone?

[hrbt]

quake3 + SONM = winwin

[MiBambino]

what will be the incentive of companies to trust the source of computing power over already existing companies who comply with laws? Is there more than a financial incentive alone?

It will be a lot cheaper and faster to work with Sonms fog computing, just like it'll be a lot cheaper to work with blockchain in general instead of email/banks/...

[BTCMILLIONAIRE]

Do you guys sell if it's going 300% to buy again at the old price? These hype pumps are usually temporary

No, because it triggers tax and I want to be able to actually use the profits that I make from crypto some day. Tax rates are usually significantly lower after a one year holding period and if you hold you don't have to pay taxes until you sell. This includes trading alts for Bitcoin or vice versa.

Would it only trigger tax if you withdrew the money in to your bank or even if you were to let the funds (fiat or otherwise) sit on the exchange?

It triggers tax immediately when you trade, no matter if you keep your BTC, alt or cash in an exchange. Of course, nobody will be able to tell that you've sold alts for Bitcoin or the other way around if you're on an exchange without KYC. But if you end up having to prove your trades for tax filings later on, you'll have a gaping hole in your data that will trigger massive fines at best and legal prosecution for tax evasion at worst.

Most people ignore this, so the very few who are smart enough to make large profits will find a lot of people who will find themselves out of luck due to their lack of foresight when it comes to taxation.

Crypto profits are useless if you can't use them to buy Lambos or houses without going to jail.

it's not like that everywhere. I live in Belgium and we don't have capital gains tax or speculation tax anymore; as long as I don't cash out too much OR if I don't reinvest my earnings I won't get into too much trouble.

Very interesting. What does "too much" mean though? And can you never re-invest your earnings or how does this work?

I know some countries have very low or no tax on assets that were held for about a year or longer and usually any trade triggers tax and/or resets the holding period. But so far I've never heard of limits on cashing out profits.

The bank doesn't really check up on transactions over a certain amount, I believe its 2500 euros a month, which is about 3000 dollars. I'd like to reinvest in property, but I'm considering foreign investment projects ebcause the belgian government seems to be actively pushing away investors by raising property taxes

I recommend stocks over real estate unless you already have a multi-million net worth. Real estate gains are low, risky, and paired with a lot of work, so they're only worth it if you can access very expensive properties and outsource all the work to an agency, which lowers profits but saves you a lot of time.

Either way, what happens to "big" investors? $3000 a month is almost nothing when it comes to compounding assets, and I don't see why they would cause any trouble if there is no capital gains tax anyways. Wouldn't you be fine as long as you can provide details about your trades regardless of how much you choose to cash out?

[amintek15]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

[BTCMILLIONAIRE]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

How are dividends better? I never really got why people are into them. It's just a roundabout way of cashing out profits, or are there any benefits that I'm unaware of?

[Buerra]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

Do we know sonm buy back price? Is it under fiat or btc/eth?
If they will buy back from ico price as eth it will be great for investors.

[BTCMILLIONAIRE]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

Do we know sonm buy back price? Is it under fiat or btc/eth?
If they will buy back from ico price as eth it will be great for investors.

Are they really buying back? I thought they just called dividends "network transaction fees" instead, kind of like PoS mining.

[fudster]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

Do we know sonm buy back price? Is it under fiat or btc/eth?
If they will buy back from ico price as eth it will be great for investors.

Are they really buying back? I thought they just called dividends "network transaction fees" instead, kind of like PoS mining.

So they are not cancelling all those talks about revenue sharing?
the buy back and burning of tokens turned out to be a set back for ICN, I didn't work for the holders which they did dump the token after learning it all. But it first was pumped before it end up with the low price.

[BTCMILLIONAIRE]

I'm of the understanding SONM team will buy back the SNM token beginning in August of 2018. Is that correct?

I heard too, hopefully this news is true 

so they treated the divident "problem" in the same way as Iconomi ? hmm I quit them for this I would prefer dividents than a good exchange because it's a much better long term solution... we will see better in 1 year

Do we know sonm buy back price? Is it under fiat or btc/eth?
If they will buy back from ico price as eth it will be great for investors.

Are they really buying back? I thought they just called dividends "network transaction fees" instead, kind of like PoS mining.

So they are not cancelling all those talks about revenue sharing?
the buy back and burning of tokens turned out to be a set back for ICN, I didn't work for the holders which they did dump the token after learning it all. But it first was pumped before it end up with the low price.

What worked against Iconomi is the fact that it's a bad project with overpriced fees.

But as far as SONM is concerned - and I'm not sure about this - I think that revenue sharing happens by sending usage fees to token holders based on how many tokens they are holding.

[Renko]

SONM + NEM
SONM + ATLANT

SONM Moon next year!!! 

[glennmatthew]

SONM + NEM
SONM + ATLANT

SONM Moon next year!!! 

Mooning soon Wait for monthly update in November;)

[MiBambino]

SONM + NEM
SONM + ATLANT

SONM Moon next year!!! 

I know about a possible collab between Nem and Atlant, but I've heared nothing about Sonm and Atlant. Care to share a link or tweet?

[FruitsBasket]

SONM + NEM
SONM + ATLANT

SONM Moon next year!!! 

I hope that NEM will be able to partner up with SONM, for now they stick with Ethereum, however there is a scale issue or something so they might switch to NEM when ETH is not a good fit for this project anymore.