shame on an IGA posted:

siri, what's the wash sale rule

Guze posted:

The gme guys are going to be shocked when they get the stock split they wanted and the price drops accordingly

davecrazy posted:

The GME stuff is probably worse in a lot of ways then bitcoin. The true believers are waiting for something that *already happened*.

The short squeeze they’re all waiting for was the event that drove a $4 stock up to $300+. Everything since has been nonsensical wishing that it will happen again….and bigger this time!!

repiv posted:

the GME true believers were too stupid even for WSB so the communities split a while ago

that's why the GME insanity is in /r/superstonk now, rather than /r/wallsteetbets

quote:

Washington D.C., July 21, 2022 —
The Securities and Exchange Commission today announced insider trading charges against a former Coinbase product manager, his brother, and his friend for perpetrating a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform.

The SEC’s complaint alleges that, while employed at Coinbase, Ishan Wahi helped to coordinate the platform’s public listing announcements that included what crypto assets or tokens would be made available for trading. According to the SEC’s complaint, Coinbase treated such information as confidential and warned its employees not to trade on the basis of, or tip others with, that information. However, from at least June 2021 to April 2022, in breach of his duties, Ishan repeatedly tipped the timing and content of upcoming listing announcements to his brother, Nikhil Wahi, and his friend, Sameer Ramani. Ahead of those announcements, which usually resulted in an increase in the assets’ prices, Nikhil Wahi and Ramani allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit. The long-running insider trading scheme generated illicit profits totaling more than $1.1 million.

"We are not concerned with labels, but rather the economic realities of an offering," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "In this case, those realities affirm that a number of the crypto assets at issue were securities, and, as alleged, the defendants engaged in typical insider trading ahead of their listing on Coinbase. Rest assured, we’ll continue to ensure a level playing field for investors, regardless of the label placed on the securities involved."

“In nearly a year, the defendants collectively earned over $1.1 million in illegal profits by engaging in an alleged insider trading scheme that repeatedly used material, nonpublic information to trade ahead of Coinbase listing announcements,” said Carolyn M. Welshhans, Acting Chief of the Enforcement Division’s Crypto Assets and Cyber Unit. “As today’s case demonstrates, whether in equities, options, crypto assets, or other securities, we will vindicate our mission by identifying and combatting insider trading in securities wherever we see it.”

The SEC’s complaint, filed in federal district court in Seattle, Washington, charges Ishan Wahi, Nikhil Wahi, and Ramani with violating the antifraud provisions of the securities laws and seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against all three individuals.

The SEC’s investigation, which is ongoing, was conducted by Michael Brennan, Jennie B. Krasner, and Gregory Padgett, with assistance from Patrick McCluskey and Donald Battle. The case was supervised by Paul Kim, Joseph Sansone, Chief of the Market Abuse Unit, and Ms. Welshhans. The litigation will be led by Daniel Maher and Peter Lallas and supervised by Olivia Choe. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the FBI.

VitalSigns posted:

Creating new wallets is free but don't you have to pay transaction fees every time you move money into them to make a purchase, and then pay a transaction fee again to make the purchase?

smellmycheese posted:

Crust First posted:

Weirdly, no wash sale rules on crypto in the US, it's classified as property.

IRS Publication 544 posted:

Like-Kind Exchanges
Generally, if you exchange real property you use in your business or hold for investment solely for other business or investment real property of a like-kind, you do not recognize the gain or loss from the exchange. However, if you also receive non-like-kind property or money as part of the exchange, you recognize gain to the extent of the value of the other property or money you received in the exchange. And, you do not recognize any loss. In general, your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive in the exchange.

Multiple-party transactions. The like-kind exchange rules also apply to property exchanges that involve three- and four-party transactions. Any part of these multiple-party transactions can qualify as a like-kind exchange if it meets all the requirements described in this section.
Basis of property received. If you acquire property in a like-kind exchange, the basis of the property you receive is generally the same as the basis of the property you transferred.
Money paid. If, in addition to giving up like-kind property, you pay money in a like-kind exchange, the basis of the property received is the basis of the property given up, increased by the money paid.

DaveWoo posted:

bitcoin is down today, all is right with the world

RocketMermaid posted:

Somebody redesign the NERV logo from Evangelion to say this.

EMoney posted:

Just had my Swan rep do some tax loss harvesting which is a nice perk. You send them everything and they do an instant dump/rebuy at the same price and send it back the same day.

RocketMermaid posted:

Somebody redesign the NERV logo from Evangelion to say this.

PITY BONER posted:

English language learner: "Can you explain me the meaning of 'irony'? I can't understand."
Me:

https://twitter.com/web3isgreat/status/1549896775376445440

PITY BONER posted:

I still chuckle that DeepFuckingValue only sold part of his position, missing out on over $30 million because he wanted to be a social leader on YouTube and reddit. While I am sure he has made plenty of money from his social media accounts, I highly doubt the lifetime earnings on those will ever equal the unrealized gains he tossed in the trash sticking to his principles so that GameStop, a company shat on by nearly everyone has ever worked or shopped there in the past two decades, can slowly dwindle in value to bankruptcy.

Koopa Kid posted:

Beaten but I'm posting it anyway

PhazonLink posted:

why the anime logo? i dont get it.

buglord posted:

What does Shinji with his sticky hands in the hospital room represent

Koopa Kid posted:

Beaten but I'm posting it anyway

buglord posted:

What does Shinji with his sticky hands in the hospital room represent

buglord posted:

Also you should NOTwatch it because although robots are kickin rad, its the most anime of all anime

Strong Sauce posted:

slurp juices

Vampire Panties posted:

Are there non-anime crypto bros? I feel like theres a lotta cross contamination between those two brainworm communities

quote:

SEC Charges Former Coinbase Manager, Two Others in Crypto Asset Insider Trading Action

quote:

I think it should be made clear to everyone that 2-3 former employees of CoinBase are the ones being charged for insider trading for stealing info. from the company n then using it to make profits on crypto.

The company itself made no profits or malicious attempts to undermine the crypto market. It was a few bad employees that stole company info.

Strong Sauce posted:

https://www.coindesk.com/business/2022/07/21/blockchaincom-cuts-25-workforce-amid-crypto-bear-market/

Cryptocurrency exchange Blockchain.com is cutting 25% of its workforce, equating to about 150 people, the firm said on Thursday.

Blockchain.com, which is one of the oldest firms in the crypto industry, is also shrinking its institutional lending business, halting all mergers and acquisitions, placing a pause on efforts to expand gaming and slowing its non-fungible token (NFT) marketplace.

quote:

Support Still Needed

I have posted 2x about my ETH being stuck and still No support from Coinbase.

Coinbase, please help. It is going on 72 hours. Pro to external wallet still pending,

There is no hash. Your team keeps asking but then sends an email with no-reply. I have called but your Coinbase support is Not Pro support. IT should not be this hard. Where is my Eth? I need a specialist to cancel it so I can redo. Thank you.

quote:

Here is the response just a moment ago:

“
Thanks for contacting us about the cryptocurrency transaction you sent
on the blockchain. It looks like the network is experiencing an
unusually heavy load of transactions. This can cause a delay in
confirmations and increase the time it takes for a transaction to
complete.
Since the network is decentralized, Coinbase does not have the ability
to expedite pending transactions or give an accurate time frame as to
when they will complete. After the network is no longer congested,
normal processing times for transactions will resume.
If you have any more questions, please reply to this email.
Regards,
Coinbase Support

Vampire Panties posted:

this is the biggest of the GME debacle - dude was up THIRTY MILLION DOLLARS. Eight figures. Ignoring what dumb bullshit about wealth, thats loving dynasty money. A 2% return on that money is six hundred thousand dollars a year, and dude loving bllllleeeeeeeewwwwwww it for Reddit updoots

And he was a finance bro but thats permanently scorched, so now he's double stuck

Blotto_Otter posted:

true! but if it's property, then rules about like-kind exchanges should apply:
https://www.irs.gov/publications/p544#en_US_2021_publink100072372

now, one might say, "but I sold them, I didn't exchange them", to which I would ask - did you really? Or did you just send some bitcoins to a broker, and then that broker sent you some bitcoins back? And, even if you did swap cash along with the bitcoins, do you want to test how this holds up when the IRS tries to apply "substance over form" doctrine?

now, I'm not a tax attorney, so I don't know how well this would actually hold up, or if the IRS is even bothering to look at this kind of thing. (my understanding is that taxpayers usually try to achieve a like-kind exchange in order to avoid a taxable gain; it's less common to see taxpayers try and dodge a like-kind exchange in order to take a taxable loss.) but it's pretty obvious what that scheme is trying to do, and I wish OP the worst luck if the IRS ever decides to take a close look at it.

notwithoutmyanus posted:

There were people I know who are deep in crypto but try to follow laws, and their interpretations and what I was told their lawyers had told them were in line with the whole like kind rules. Game of telephone, but anyway. It was "hold onto it for a few hours before trading it again or it's like-kind and taxable". I'm not saying they were experts or anything of the sort, but I distinctly recall that being mentioned.

notwithoutmyanus posted:

I'm not saying they were experts or anything of the sort,