DETERMINATION OF A SAFE STABLE COIN: What should newbies do? - page 2.

Pmalek

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Quote from: Jawhead999 on March 12, 2023, 04:25:51 AM

It's not only about avoiding to pay taxes. It's the complicated process, paperwork, and bureaucracy that makes people not want to do it. You are going to make my life difficult because I use bitcoin? You are going to have your bank buddies investigate me or lock my accounts? You are going to do everything possible so I can't buy my BTC, only to put your hand out if I make some money and say, 15%, hand it over?! In that case, grab the trunk-looking organ under my belt and pull it a bit to get your reward you low-life governmental ass juice. Not your personally btw Grin

For example, You are wearing a signature under you name. You are providing a service and getting paid for it. That's taxable. I seriously doubt that even 1/50 people have asked their local tax offices how that particular situation works, when do they need to declare that as income, how and when.

Jawhead999

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Quote from: Pmalek on March 12, 2023, 03:18:40 AM

Fiat creates other potential worries. If we are talking about big sums of money, your bank will want to know the source of the funds. Your tax office will want their fair share. Some crypto users might not know how or want to explain how they got into possession of such wealth all of a sudden.

If the user doesn't did any bad thing, I don't see any reason not being honest with the source of the funds and as a citizen we need to pay tax to the country where we live, we have use the facilitation in our country and evading tax in order to maximize your profit isn't a good idea.

I understand in this space privacy is really important, but I'd say maximizing the privacy feature of Bitcoin in order to evading tax is illegal.

Pmalek

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Quote from: asawale on March 11, 2023, 11:33:49 PM

A stable coin enables crypto investors to convert their coins into dollars without the bothering of withdrawing in FIAT currency form.

It gives you the impression you are holding dollars, but you are holding a digital token pegged to the value of dollars. As some examples have shown, that token is only temporarily pegged to the dollar.

Quote from: Jawhead999 on March 12, 2023, 12:48:23 AM

If you want to hold a stable currency but you're worried stablecoin price will depegged from it's collateral, your option is convert it to your fiat.

Fiat creates other potential worries. If we are talking about big sums of money, your bank will want to know the source of the funds. Your tax office will want their fair share. Some crypto users might not know how or want to explain how they got into possession of such wealth all of a sudden.

Jawhead999

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If you want to hold a stable currency but you're worried stablecoin price will depegged from it's collateral, your option is convert it to your fiat. If you want to hold USD, then it's will be time consuming since you need to use a digital wallet or payment option which receive USD.

Quote from: Cuenta Alternativa on March 12, 2023, 12:25:02 AM

I believe that in the future there will be no stablecoins apart from CBDCs or they will be of residual use.

Or the stablecoin will change become CBDC in order to save their project, CBDC should be similar with fiat where there's an institutions will insure your funds, unlike stablecoin.

Cuenta Alternativa

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Don Pedro Dinero alt account

The best thing for newbies to do is to focus on bitcoin and leave the rest of the alts alone. First study bitcoin to know what it is and make a reasoned decision on whether to buy it.

Specifically on stablecoins, I would add to what the colleague said that they are especially targeted by the authorities, as they are in direct competition with fiat and CBDCs. I believe that in the future there will be no stablecoins apart from CBDCs or they will be of residual use. Seeing what has happened to several stablecoins recently, I don't think it is worth using them to try to avoid volatility. If you buy bitcoin you already know it is volatile, and it is better not to do short term trading, as being a newbie you are likely to lose money.

pooya87

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Stable coins have never been good and have never really helped cryptocurrencies like Bitcoin. What they mainly did was to help short term traders get in and out of different altcoins and even between exchanges quickly. Otherwise we always knew that even the biggest stablecoins are too risky to use considering how centralized and mostly shady they are. They can even freeze your coins any time they want: https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

asawale

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Stable coins have been the saviour and one of the banes upon which trust in cryptocurrencies mostly the altcoins rely on over a long period of time. A stable coin enables crypto investors to convert their coins into dollars without the bothering of withdrawing in FIAT currency form. This singular act has helped to increase the number of investors into cryptocurrency and also encouraged huge funds to flow into cryptocurrency investments.

Now that these major stable coins are losing their pegs to one dollar value, what should is the hope of the newbies in knowing the right stable to convert his funds to in the time price falling in cryptocurrency to stop loss?

Topic: DETERMINATION OF A SAFE STABLE COIN: What should newbies do? - page 2. (Read 237 times)