So, in the course of doing everyday stuff, I use Paypal occasionally, which means I hold a cash balance with them.
I have started buying small chunks of PPBTC, and having them holding it in custody.
So far, it's been way profitable for me (unrealized), but I'm fully aware of the tax implications involved with selling PPBTC (Already had to sell off a sliver of PPBTC, and was forced to enter my SSN to continue. I see what you did there PayPal. Har har IRS. That $25 was sold at a loss !!)
Anyway, what are your thoughts on buying PPBTC ? I believe it's fully degenerate, mostly due to the fact you cannot transfer PPBTC out to your own custody.
The only way I'm rationalizing it right now, is whatever PPBTC I'm scooping, aren't going to be sold for at least 365 days after they are purchased, so I'm at least being taxed at long-term capital gains.
Thoughts ? Let's have a PPBTC catharsis thread.
For me personally I see paypal as a crooked company that will end up screwing their customers somehow. But hey how no different from any other crypto exchange. Only part I dont like is letting them hold it in their custody. I wouldnt trust their storage opsec. I find it more for the normies than that of people who have been in crypto for awhile.