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0 pointsslyfocks3y ago0 comments

It is indeed a taxable event. People who exchange crypto for “stable”coins are generally doing so to stay out of the KYC banking realm so they can lie about their transactions to their country’s tax authorities.

0 comments

robinduckett3y ago

In the UK, it is only a taxable event when the coin is exchanged to a "readily convertible asset", i.e. Bitcoin, Mainnet ETH.

cmsd23y ago

I don’t know where you got this advice from but this is precisely wrong from my reading of the rules. An asset exchange between two non legal tender assets is treated exactly the same as any other disposal and acquisition and absolutely is a chargeable event.

grey-area3y ago

All currencies are readily convertible assets by definition.

leereeves3y ago

Tether isn't readily convertible?

cma3y ago

Not if we dont even know what it is backed by, readily convertible one minute, can't dump it for $.01 the next once it happens.

cmsd23y ago

Please tell me this is a joke. The fact tether trades readily on an exchange is a major factor for it being convertible, even if at a price you don’t like.

1 more reply

mateuszf3y ago

Maybe in US, but not in all countries.

dropnerd3y ago

i pay my taxes. i make money providing liquidity between eth and usdc.

when i'm not lp'ing, i see no reason to switch to usd so long as us-based attestations continue to be solid. the opportunity cost of being in usd on coinbase is missing lucrative nft deals.

zht3y ago

How solid can an attestation be vs an audit?

dropnerd3y ago

audit is obviously better, am confident that tether will not be the first to introduce an audited stablecoin

Jommi3y ago

You're on the internet sir, this is not only an American website.

j / k navigate · click thread line to collapse

0 comments

robinduckett3y ago

In the UK, it is only a taxable event when the coin is exchanged to a "readily convertible asset", i.e. Bitcoin, Mainnet ETH.

cmsd23y ago

grey-area3y ago

All currencies are readily convertible assets by definition.

leereeves3y ago

Tether isn't readily convertible?

cma3y ago

Not if we dont even know what it is backed by, readily convertible one minute, can't dump it for $.01 the next once it happens.

cmsd23y ago

Please tell me this is a joke. The fact tether trades readily on an exchange is a major factor for it being convertible, even if at a price you don’t like.

1 more reply

mateuszf3y ago

Maybe in US, but not in all countries.

dropnerd3y ago

i pay my taxes. i make money providing liquidity between eth and usdc.

when i'm not lp'ing, i see no reason to switch to usd so long as us-based attestations continue to be solid. the opportunity cost of being in usd on coinbase is missing lucrative nft deals.

zht3y ago

How solid can an attestation be vs an audit?

dropnerd3y ago

audit is obviously better, am confident that tether will not be the first to introduce an audited stablecoin

Jommi3y ago

You're on the internet sir, this is not only an American website.

j / k navigate · click thread line to collapse