BlockTime #10 – Crypto Taxes, Off Exchange Storage & Taking Profits

Mike Casey: I take it you have made some money. I’m assuming that.

Michael Tidwell: I’m assuming that too

Mike Casey: What do you think about the US tax code and treatment of profits in cryptocurrency? Would you care to comment on taxes in general?

Michael Tidwell: Are you keeping track all that?

Tai Zen: We’re not accountants.

Leon Fu: We’re not tax lawyers. I will defer that to CPAs and people in the professional

Mike Casey: Do you employ accountants?

Leon Fu &Tai Zen: I have an accountant

Tai Zen: Every time the IRS sends out a notice about Bitcoin or anything like that, I send it to my CPA and get them updated on it.

If I anything any rumors on the street or anything like that, I do send it to them, so I get educated on it

Michael Tidwell: You’re are trading a lot. I’m sure you have some kind of percent on the actual exchanges. Do you all get worried and try to move coins immediately to cold storage…

Tai Zen: Absolutely. That what investors do.

Michael Tidwell: I also want to ask you about the hacking, but are you comfortable with holding a large amount?

Leon Fu: Absolutely not. Believe it or not, I don’t really trade as often as it may sound that I do. I keep most of my crypto off the exchanges whenever I can.

The only amount I may keep on the exchange are cryptos that I feel they have a higher risk to be held on my computer than just left them on the exchanges

Michael Tidwell: What is the example of that?

Leon Fu: I won’t say, but there are certain projects where I might want to speculate. Plus, I don’t even trust downloading their wallets.

Mike Casey: That’s a very very scary thing. I think the next coin that comes out is like a trojan.

Leon Fu: Exactly. I’d rather say I’ll take the risk of the exchange getting hacked than the risk of downloading their wallet and running it on my computer.

Tai Zen: Keep in mind for your listeners to that. Whenever it’s a risky investment like that, obviously we’re not going to put a lot it into.

Michael Tidwell: Yeah exactly

Tai Zen: However, I invested just a small fraction into it to test the waters. Between Leon and I, I probably have more on the exchanges than he does because I do more active trading than he does. Therefore, the trading volume I do is a lot higher than his

Michael Tidwell: Do you ever buy an altcoin and say “When it hits this amount of satoshi, I’m selling it”?

Leon Fu: Absolutely. Whether you do it on a technical level like Tai likes to do by using charts, supply resistance, and technical analysis. I’m more of a valuation. I actually have a valuation target I set on the projects I follow.

For example, we follow Factom very closely. I was calling $30 million valuations, which was $3.45 on the token based on some fundamental analysis that I do.

We definitely have targets, but that doesn’t mean that we sell everything at those targets. It means that we do take some profits off. I mean that It’s time that we take off some positions because that’s the fair value or more than fair value.

 

Learn more about Michael Tidwell and Mike Casey from BlockTime at:



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