Pondering the tax consequences of the #celsius #hodl and #accrued profits come tax time. I thought I'd brush up on my #cryptotax understanding I found the following blog to be really clear, concise and useful.
cryptotrader.tax/blog/the-trade… h/t @coinledger
The tax framework I had assumed would be applicable was/is pretty well as I expected. Most of which I've learnt over the years the hard way by getting shit wrong (don't get me started on the pain of get pegged in the bum by the tax-office for failing rollover relief tests).
Paying the tax piper..Income tax or Capital Gains. What's not well understood by the swinging dick muppet brigade is referals fee's, staking, mining, shilling and lending ..... that's ALL income tax. You might think it all pools into one big HODL fantasy. but it don't.
and if you've had a swinging dick of year as every muppet with lazer eyes has. You probably more likely to find yourself in the highest marginal tax bracket....
just for illustration lets look at the Australian income tax rates. Assuming that you haven't all retired or not still living in mummy's basement. You probably have a real job ..you know one with out laser eyes.
Let's say you make $120kpa. why...coz it's easier for me to add/subtract.
that means if you a die hard #Cel dude and you are out there shilling your referral code....37% of that referral has to go to the taxman. That 25% premium you snaffled up by accepting #CEL 37% to the tax man. Lend your bags.....ching ching for taxman.
but of course we talking swinging dicks right...so it would be embarrasing if your Monday ice-cream wasn't more than $100k for the year right? yeah that's right.
that ice-cream you got accrued and never actual got to eat as it all got rolled up in the #CEL choo train. You don't owe 37% .... as a dick swinging earner.....you now owing 45% to the taxman.
Now of course the flipside is...capital gains is far more palatable...well it is if you HODL for > 12months its discounted 50%. but see previous points. Plus see below...good luck with that though.
Bottom line is .... taxman wants his share in fiat.
Apparently the world wants to take their earn in #CEL...presumably coz they want to get their greedy mitts on the bonus 25% premium.......just remember 9% of that 25% needs to go to the taxman in #fiat.
With nothing but a few million daily washing around and 90%+ controlled by CEL...liquidating just the taxman's share would collapse the price (I guess you could take the tax loss next year).
But don't worry #celsius has your back. Don't withdraw....borrow....

why? because #icecream is only ice-cream if you accrue and #HODL otherwise it all turns to #dogshit

oh yeah. Get your own tax advice...don't rely on anything I say...especially when tweets mixed with pre-NYE drinks. :)

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More from @intel_jakal

11 Dec 21
Just read your article on optionsxo fintelegram.com/tag/optionsxo/
I concur with your thoughts on #tomerlevi he was central to these scams
#tomerlevi was named as the owner in court filing against #toromedia #binaryoptions #scam
I came across these thieves while looking at $isx customer Insightgroup OU. #isignthis was (I guess still is) seeking $1.6m damages from @ASX why? apparently #insightgroup was so infuriated by the "false" #ASX claims against #isignthis it terminated its services. @FinTelegram
Read 15 tweets
1 Dec 21
@newmoneyreview Well this is the next thing to look at....who actually paid for and were issued CEL tokens at 30c ....ftx and bitfinex I'm guessing between the three and their perifeey they would control literally the whole market...it trade a like a non bouncing dead cat.
@newmoneyreview CEL tokens issued 30cents went 10x by Q3-2020...Dec 2020 the last month of the financial period the price went vertical closing year out at $5.45. adding $2B to Celsius balance sheet....ironically rather than be penalised for issuing far more than market demand
@newmoneyreview they instead gorged their own balance sheet by holding in treasury. How anemic would this balance sheet be if the treasury shares were booked at cost (zero) or issue price (30cents).
Read 14 tweets
29 Nov 21
#celsius flywheel of bullshit. Image
we have no external shareholders.....other than those external shareholders we have..ffs #flywheelofbullshit Image
What they say: we share our profits with the community
What they do: We retain 100% of communities assets and profits until you close your account. Image
Read 4 tweets
29 Nov 21
So the second you transfer any digital asset into a #celsius account beneficial ownership changes. Its no longer your asset. Image
This means your ability to manage risk becomes binary - either the assets are with Celsius or not with Celsius.
So what? As long as they pay out best in market returns why would you care? 1) Risk vs return. Bitcoin or bottletops, Buffett or Saylor- it doesn't matter who or what you can't disconnect risk from return.
Read 7 tweets
28 Nov 21
Today I wasted too much time trying to reconcile some fairly basic numbers for #celsius which was a bit frustrating and I was scratching around trying to work out where I'd gone wrong.
So I'll throw it out to twitter ..... Someone tell which one of these numbers on celcius.network/cel-token-expl… page is actually correct?
Ok its a bit of a trick question....As literally all of them are incorrect in one form or another.
Read 7 tweets
25 Oct 21
just got around going through #celsiusnetwork financials for Dec 2020 accounts. (see my previous posts re:$150m secured debt). I probably won't finish off the analysis until end of the week (pulling all the data into sheets is a pain). here's something to make you go 🤔
For clarity even though its a UK company all figures are in US'000.....which means the assets shown are US$4.709B and 'net assets' are US$1.44B.....I'll admit. once I realized the numbers were billions not millions....I was kinda impressed...
...I should say cautiously impressed....how did they go from $290M net assets to $1.5B in 10 months?
Read 18 tweets

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