Lebanese turn to cryptocurrency as economy tanks

Re:Lebanese turn to cryptocurrency as economy tanks by tomatowurst on Thursday March 31, 2022 @02:05PM (#30870374)

For the incumbents and newcomers it is impossible to exit without another huge ROI (10x, 100x) since crypto billionaires cannot cash out to billions of US dollars. They need to routinely pump & dump and hope that the music doesn't stop.

Somebody doing taxes this year is going to be on the hook for last year's BTC prices, and by god, they need it at least 100% ROI just to break even after paying taxes in the US.

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Re:Lebanese turn to cryptocurrency as economy tanks by samatman on Thursday March 31, 2022 @03:45PM (#30871482)

Capital gains are paid on cash, not on unrealized gains against unsold assets.

So someone doing taxes this year either sold at a profit and has gains to pay on cash, sold at a loss and has no tax to pay, or bought and held, again, no taxes to pay.

There's no being "on the hook for last year's BTC prices" in any of these.

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