RE: ADSactly On ADSACTLY - Part #38 - Taxation of Crypto - Part #1
Hi @adsactly ! This is an excellent explanation about whats going on with crypto legally and your analogy with the casino is great.
If people want to keep the casino tokens and not cash out, they can go home with any color of token and not pay a dime! Next day when they come back they can use it (if not expired) and only once they cash out, they pay taxes.
Very well explained for anyone to understand!
By the way, I made a post the other day about STEEMER.NET app that @cryptomonitor is creating and mentioned you at the end!
https://steemit.com/adsactly/@gold84/an-amazing-app-steemer-net-project-app-for-windows-and-android-wallet-account-creation-price-alerts-to-your-email-an-exchange-toLooking forward to your thoughts on it when you get the chance.
Regards, @gold84
If legal system ban crypto - we can make another type of casino, like in Japan did.
You play casino, but can't cash out in money equvalent in Japan - it's illegal. What casinos did? They made system, when you buy special casino money, play with them, and then you can buys some fancy toys with thiscasono money. After you go to street, and there you can find special pawnshop. Here you can exchange this toy for real money - it's legal))
This pawnshop related to casino))
If I begin a session of poker at the Commerce Casino with $100 US Dollars, then buy $100 in casino chips, and then win and leave with $600 in casino chips, I still have a profit for the session of ($600 - $100) = $500. I owe tax on the $500 of income, whether I cash out the chips or not.