[In An About Face] Tora no Ana Cuts Visa & Mastercard Right Before Comiket | Sankaku Complex
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For the sake of the argument assuming US because I know about, you're right crypto is an absolute clusterfuck. The taxes is only on gains though. You don't just lose 1/5th of your money immediately.
Example, if I were to send you one Bitcoin today, you sell it and convert to dollars today. The only taxes you would owe would be on the difference between the value of the coin when you received it and the value of the coin when you sold it. For a quick transaction like that it's unlikely to be much. It might even be a loss, in which case you get reverse treatment on taxes. So you get a bitcoin from me worth $60k, you sell it for $60.1k, you pay 24% tax on the additional $100, for a tax of $24. Technically yes, you'd owe taxes on getting $60k worth of Bitcoin from me, but you'd always owe those taxes no matter what I used to give you that $60k.
Most of the pain with respect to the US at least is documentation. It's a huge fucking pain in the ass to track and document all of this for tax purposes, particularly so if you're buying and spending small amounts of crypto. Technically if I spend $10 of crypto on the internet, that's a taxable sale, so I have to have a line item on my tax form for that $10 sale, and account for when I acquired it and for how much. Do that 100x and it gets out of hand very quickly. That's part of the reason I went away from using it to pay for things, the much larger reason being so many more normal places quit accepting it.
You're right it's too volatile for someone to be playing around with for rent money. Anyone who has to think about scraping together rent money probably needs to focus their energy on something else entirely. I actually see the value of crypto as a transactional engine, if it can ever get to that. There's tons of hurdles of course. I don't really like it as a "currency" because of the volatility.
I remember doing day trades.. had like 1200 trades to deal with and calculate for the year lol. Luckily.. there was a simple api that sent the transaction record of what i did to a tax prep. Otherwise id have to calculate all that shit myself.
These days.. i only make 10 to 15 trades a year. Yea. The government will tax us or make it super inconvenient and confusing to file taxes. Since most platforms will snitch on you, you cant hide it either. Im probably gonna stop trading and sell everything after 2024 election. Trump loses. Market falls due to loss confidence and other shenanigans. Trump wins. Market falls since feds/globohomo will sabotage.
Yeah, I'm having to screw with it right now because a now defunct company reported a bunch of shit to the IRS as having zero basis. Pain in the ass. I've made a point of not hiding from the tax man prior to that too.
I can't decide on crypto investing for the future. I don't currently have much at all, but if I do continue going forward then it's going to be very limited trades for buy-and-hold investment sake.
If it was easy enough, I'd love to use it for paying for things, the documentation will kill you though. I would for something that's been de-banked though. I don't even know what this content in question is other than something anime/manga related. I'm glad they gave the finger to the banks though.
Its porn related. Hence why they drop visa and mastercard. Most of the hentai is non con or there are fetishes that credit card companies dont like..