Chase bank vs Crypto.com

Yup.

I just closed my account at the end of October. Had to drive down to NY to do it, cuz they don’t have any branches in Northeast PA.

Then I get there to the branch and they have NO TELLERS anymore. It’s insane.

Fuck Chase. Happy to be done with em.

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Here is an example:

Current price of bitcoin is approx $59k, let’s say you buy $100 of bitcoin today, bitcoin price goes up tomorrow and hits $60k, you decide to convert your bitcoin to ethereum… the IRS interprets that transaction as you sold your bitcoin for fiat, then used your fiat to buy ethereum… and since you sold for a profit, you will pay taxes.

I actually still have my Chase account open, just in case I meet a dinosaur and need to write a fuckin check.

Ya these faggots are ahead of the curve in all of this bullshit that’s happening.

Get on the moon rocket bro… you can buy CRO on Cryptocom or Coinbase or Coinex

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At .74 it’s only going to keep going up with all of the sponsorships they have

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So it’s only when you pull it out you pay taxes on it?

  1. Who reports it to the IRS?
  2. What if I lose money, is that a tax write off?
  3. What if I open a bank account in a different country, say Switzerland or somewhere that doesn’t tax on it, and I sell my Bitcoin and then deposit into that account instead of a US bank account?

If you live in the US and you are making transactions on an app/exchange that accepts US customers, then all your activity is being reported/will be reported to the IRS by said exchange.

I wouldn’t risk playing games with the IRS.

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If you sell at a loss, then that can usually off set gains

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Thanks, just getting started with Bitcoin, this is good to know

Is this the same with stocks too?

I’m just getting started investing in general

If you can find a really good accountant, then they probably have some legit tricks to reduce your capital gains tax :man_shrugging::man_shrugging::man_shrugging:

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Yes. If you sell at a profit, the IRS will want their cut.

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Thanks. In this case I’m in the newb.

Not trying to dump on crypto.com, I’m probably going to jump in, lol

But some stablecoin yields are pretty high.

There are so many platforms now:

https://yearn.finance/

https://bancor.network/

Impermax is kinda cool in that you can borrow off your deposits and then earn interest on that, it gets kinda crazy, lol.

What’s the over/under on a futures crypto insurance market leveraging about 3000:1 within the next 5 years?

Yearn is very well established.

Id say Beefy is up there.

The other two are less well known.

Outside of getting insurance, theres definitely more risk in crypto than the centralized debt based monetary system.

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CROumrocket crypto