Quote from: JayJuanGee on Today at 08:32:19 AM

Quote from: philipma1957 on Today at 02:46:54 AM

Quote from: bitcoinPsycho on Today at 01:53:10 AM

Quote from: Richy_T on Today at 01:49:51 AM

Quote from: fillippone on July 16, 2024, 11:29:47 AM

I bet more of those funds leave Kraken as BTC than fiat.

And it will happen almost immediately. Self custody lesson learned

I think a lot of what a person will do depends of how much btc they get.

I would think most people left are more then five coins.

I would think Selling 10% and keeping 90% in coin will be common.

I am also not sure about tax rules.

If you had coins in feb 2014 they were worth 650 usd they are 100x at 65,000

having 5 coins means 3250 is now 325,000. I am not sure if you could be taxed in full at a cost basis of 3250

usa law at the moment would mean 20% or 60-65k in tax.

I dont have mount gox coins. so not a worry for me.

But if I did get five coins and thought I may owe 65k in tax. I am selling 100k of 325k and paying the 65k asap.

this would give me 35k cash and 225k in btc or 3.46 btc.

So I suspect savvy USA people are going to sell at least 20% and pay capital gains on the whole 5 coins.

But what do I know.

Yes. What do you know?

It seems important to note that GOX creditors are not going to be getting taxed anything if they are choosing to not sell any of their received coins.

The receipt of the coins does not trigger a taxable event. These are not mined coins.. they are likely previously purchased coins... and a fraction of their original stash (perhaps around 15%)

I know that frequently you are coming up with solutions that involve the selling of coins, but real bitcoin HODLers are not necessarily jumping straight into considering how much fiat that they can get for their cornz.. Getting an immediate fiat payoff may well not be the first thought that comes to the mind of a "true" coiner.

By the way if a GOX customer receives around 5 BTC, that may well would have meant that his quantity of BTC would have had been around 33 BTC at the time of the bankruptcy filing.. that is assuming around a payout of around 15% of his earlier GOX balance.

So yes the receipt of 5 BTC and 5 Bcash may well result in the selling of Bcash, and perhaps buying BTC with that money or maybe just completely cashing out of his Bcash stash.. which currently 5 BCash would be valued just under $2k. Does he buy BTC with that Bcash money or just decide to use the cash? or some combination?

If such a person with around 5 BTC credit from GOX, then perhaps over the years, that person would have had also replaced his 33-ish BTC, so maybe such a person still holds around 33 BTC outside of GOX, so his receipt of a GOX payout increases his BTC stash from 33-ish to 38-ish. Perhaps? perhaps?

38-ish BTC would not be a bad sized total stash, and surely the GOX coin recipient might consider his receipt of the 5 BTC as a reason to start some kind of a sustainable withdrawal system, even something aggressive like 10% would result in an ability to begin to cash out around 0.275 BTC per month ($17,875 at current prices).. . which is around 3.3 BTC per year...and so yeah, if someone does not need to withdraw that much, he could withdraw less than that amount... but yeah, after around a year and a half, someone withdrawing 10% per year would have had withdrawn all of his GOX coins if such a hypothetical might happen to apply to any such GOX creditor.

Quote from: philipma1957 on Today at 05:01:43 AM

hmm we got,over, 66k

down a bit now.

Personally, this here cat (I) would not necessarily consider a lack of ongoing and persistent UP as being exactly down.. but, hey whatever, you are not completely inaccurate and sure it is a free world (the last time I checked), so you can say your uppities and downities however you like, since obviously, your mileage does seem to vary.

DO not tell anyone that this is not taxable event in the USA

I am simply saying there is no ruling on this and that it could be taxable . Plus since you get it now at 65k a coin if the IRS says it is taxable they will base it on 65k and if you listen to the other non usa guy that say it is not due til April of 2025 when coins drop to 30k they will base it on 65k.

So only moron would take a score and end up with nothing.

okay 5 coins were 3250 now 650000

lets agree with you that he had 33 coins they were worth 21,450

got 5 coins worth 325,000 profit of either 303,550 or 321750

to think you should not pay 15% before sept 16 if you are USA based is stupid and high risk more.

To pay the 15% is safe. you can bet your bottom dollar guys that stumbled into this score. Will not pay and will pay

As some people are gamblers and some are not.

I have zero skin in the game. The safe move is pay the 15% if it is smaller or pay the 20% if it is bigger.

The moron move is not to pay.